In order to improve the performances of TiCN-based cermets, researchers have paid much attention directly towards developing various new spices of cermets. The present review will try to sum up the efforts in designing and tailing in compositions and microstructures of TiCN-based cermets in recent years aiming at enhanced cermet properties. The relationship between the cermet constituents and their mechanical properties and wear resistance, as well as the advances in the synthesis of TiCN powders and preparation of TiCN-based cermets were included. Special emphasis was paid on the preparation of ultrafine/nano TiCN-based cermets possessing enhanced hardness, mechanical strength, toughness and wear resistance, which has led to a very recent surge of interest in the development of TiCN-based cermets. In particular, it has been possible to obtain dense TiCN-based cermets with ultrafine- and/or nano-structures by means of fast sintering techniques, such as spark plasma sintering, microwave vacuum sintering and so on.