A high performance and low cost C/C–SiC composite was prepared by Si–10Zr alloyed melt infiltration. Carbon fiber felt was firstly densified by pyrolytic carbon using chemical vapor infiltration to obtain a porous C/C preform. The eutectic Si–Zr alloyed melt (Zr: 10at.%, Si: 90at.%) was then infiltrated into the porous preform at 1450°C to prepare the C/C–SiC composite. Due to the in situ reaction between the pyrolytic carbon and the Si–Zr alloy, SiC, ZrSi 2 and ZrC phases were formed, the formation and distribution of which were investigated by thermodynamics. The as-received C/C–SiC composite, with the flexural strength of 353.6MPa, displayed a pseudo-ductile fracture behavior. Compared with the C/C preform and C/C composite of high density, the C/C–SiC composite presented improved oxidation resistance, which lost 36.5% of its weight whereas the C/C preform lost all its weight and the high density C/C composite lost 84% of its weight after 20min oxidation in air at 1400°C. ZrO 2 , ZrSiO 4 and SiO 2 were formed on the surface of the C/C–SiC composite, which effectively protected the composite from oxidation.