The titanium matrix composite was produced through a hot compaction process at 1250 °C using the mixture of elemental powders with chemical composition of Ti-5Al-5Mo-5V-3Cr and 2 wt.% addition of boron carbide. The phase analysis via X-ray diffraction method was performed to confirm the occurrence of an in situ reaction between boron carbide and titanium. Then, the wide-ranging microstructural analysis was performed using optical microscopy as well as scanning electron microscopy along with energy-dispersive X-ray spectroscopy and electron backscatter diffraction. Based on this investigation, it was possible to describe the diffusion behavior during hot compaction and possible precipitation capabilities of TiC and TiB phases. Tensile and compression tests were conducted to determine the strength properties. The investigated composite has an ultimate tensile strength of about 910 ± 13 MPa with elongation of 10.9 ± 1.9% and compressive strength of 1744 ± 20 MPa with deformation of 10.5 ± 0.2%. Observation of the fracture surface allowed us to determine the dominant failure mechanism, which was crack propagation from the reaction layer surrounding remaining boron carbide particle, through the titanium alloy matrix. The study summarizes the process of producing an in situ titanium matrix composite from elemental powders and B₄C additives and emphasizes the importance of element diffusion and reaction layer formation, which contributes to the strength properties of the material.