TiC–high Mn steel-bonded carbide with a cellular structure was designed and fabricated by powder metallurgy techniques using coarse and fine TiC particles as the hard phase. This preparation process was carefully investigated and optimized. The microstructure of the TiC steel-bonded carbide was observed using a scanning electron microscope. Results showed that there are two types of microstructures in the TiC steel-bonded carbide: the coarse-grained TiC and fine-grained TiC. The transverse rupture strength and impact toughness of the alloy reach maximum values 2231 MPa and 12.87 J/cm2, respectively when the starting weight ratio of MP-A (containing coarse TiC particles) to MP-B (containing fine TiC particles) is 60:40. Hence, this study serves as a feasible example of how to prepare a high-strength and high-toughness TiC–high Mn steel-bonded carbide.