The invention relates to cermet containing a Ni-Cr binding agent, belonging to cermet material and aiming at leading the high temperature oxidation resistance of the cermet to be improved. The cermetis made by that TiC, TiN, WC, Mo, Cr3C2, Ni, Cr and powdered graphite are conducted with ball milling mixing, press molding, vacuum degreasing and vacuum sintering; the weight percentage of the compositions are as follows: Ti is more than or equal to 33 and less than or equal to 49, W is more than or equal to 4 and less than or equal to 9, Mo is more than or equal to 11 and less than or equal to 17, Ni is more than or equal to 12 and less than or equal to 34, Cr is more than or equal to 4 and less than or equal to 10.5, C is more than or equal to 7.5 and less than or equal to 11, and N is morethan or equal to 2 and less than or equal to 3. The method of the invention comprises the following steps of ball milling mixing, press molding, vacuum degreasing and vacuum sintering. The cermet hasgood rigidity, red hardness, wear resistance, oxidation resistance, thermal shock resistance and adhesive resistance in hot environment as well as low friction coefficient, and can be used for manufacturing high-speed high-efficiency cutting tools, copper profile hot extrusion dies and parts with heat resistance, corrosion resistance and wear resistance.