Equiatomic TiNi alloy composites, reinforced with 0, 5, 10, and 15 vol% ZrO2, were synthesized using conventional sintering approach. Equiatomic TiNi pre-alloyed powder and ZrO2 powder were mixed in planetary ball mill for 6 h followed by cold compaction and pressure-less sintering, respectively. The sintered density was found to vary inversely with the addition of ZrO2 content. The X-ray diffraction (XRD) spectra have shown the formation of multiple-phases which were resulted from the decomposition of the B19′ and B2 phases of the equiatomic TiNi alloy due to the addition of ZrO2 and higher diffusion rate of Ni than that of Ti in the alloy composite. An increase in hardness was noted due to the addition of ZrO2, measured by micro and nanoindentation techniques. Potentiodynamic polarization scan revealed a 10% decrease in the corrosion rate of the composite containing 10 vol% ZrO2. Electrochemical impedance spectroscopy (EIS) results indicated an increase in passive layer resistance (Rcoat) due to the increase in charge transfer resistance (Rct) caused by the reduced leaching of ions from the surface.