Exothermic reaction path of the Ni–Ti–B4C system in the differential thermal analysis apparatus proceeded in such a way that Ni initially reacted with B4C and Ti to form Ni–B compounds and Ti2Ni with heat release, respectively; subsequently, the formation of Ni–B eutectic liquid between Ni2B and Ni4B3, and the appearance of Ni–Ti eutectic liquid phase between Ti2Ni and Ti were followed, which enabled the diffusion of Ni, B, C, and Ti in solution to form Ni–Ti–B–C liquid more easily and quickly at a low temperature; finally, TiC and TiB2 were precipitated out of the liquid. The addition of Ni provided an easier route for reactant mass transfer and accelerated the occurrence of complete reaction.