The present invention relates to an economically excellent method for manufacturing ultra fine tungsten carbide-cobalt composite powder having tungsten compound and cobalt compound as its raw material. More particularly, the present invention provides a manufacturing method comprising a process for mixing tungsten compounds, cobalt compounds, grain-grown inhibitor compounds and oxide in a mechanical method, a calcination process for removing ammonia and moisture of the mixed powder and forming it into an composite oxide, a reduction process for manufacturing said calcined powder into pure metal powder, a mixing process for adding carbon source to said reduced powder, and a carburization process for manufacturing the mixed powder into a tungsten carbide-cobalt composite powder, which is the final form. Using the manufacturing method of the present invention, ultra-fine tungsten carbide-cobalt composite powder having an ultra-fine particle size of 0.1.about.0.2 .mu.m, 0.2.about.0.3 .mu.m,0.3.about.0.4 .mu.m and high properties such as high hardness, high toughness wherein the binder phase is uniformly mixed can be manufactured. In particular, a tungsten carbide-cobalt composite powder having economic advantages through price competitiveness of the compound using tungsten compounds and cobalt compounds and simplification of process can be manufactured.