The present invention relates to the preparation of cermet material, and the sintered alloy has submicron crystal grain structure, and high hardness, toughness and strength. The cermet is prepared through mixing IVB, VB, VIB, Ti, one or more metal carbide, nitride or complex solid solution carbide-nitride ceramic powder and iron family element Ni, Co, etc.; high-energy ball milling, drying, pressing to form, vacuum sintering, hot isostatic pressing and other steps. The cermet has hard crystal phase reaches submicron granularity of 0.6-1.0 micron. Under scanning electronic microscope, four kinds of metal structure may be observed including black core phase, white core phase, gray ring phase and white adhesion phase. Compared with available cermet, the present invention has obviously improved hardness and toughness, and may be used in cutter and other wear resistant parts.