The in situ synthesis/consolidation of B4C-TaB2 eutectic composites by spark plasma sintering (SPS) is reported. The microstructure–property relations were determined for composites with the B4C-TaB2 eutectic composition as functions of TaB2 content, and TaB2-TaB2 interlamellar spacing. A clear maximum in fracture toughness was identified (∼4.5 MPa m1/2) for eutectic composites with interlamellar spacing between 0.9 and 1.1 μm. The composites with the hypereutectic composition of 40 mol.% TaB2 obtained by SPS exhibited lower Vickers hardness (25–26 GPa) but higher indentation fracture toughness (up to 4.9 MPa m1/2) than eutectic composites with 30–35 mol.% of TaB2.