Abstract: An analytical computational model was built based on the Mori-Tanaka method and Eshelby's equivalent inclusion principle, which was used to predict mechanical properties of multi-phase anisotropic TiB₂ reinforced steel composite, and the effects of reinforcement's aspect ratio, volume fraction and orientation on longitudinal and transverse elasticity modulus of the composite were studied. Results show that the analytical model can predict different kinds of metal-matrix composites with high level precision. The reinforcements with larger aspect ratio can significantly raise the composite's longitudinal modulus, while diminishing the transverse modulus only by a small amount. The volume fraction of reinforcement always has a positive correlation with elasticity modulus. With the increase of the angle between the alignment of the reinforcement and the loading direction, the longitudinal modulus increases first and then decreases.