The mechanical properties of NiAI/Ni micro-laminated composites with highly gradient microstructure have been investigated. Two types of composites with different gradient microstructures were prepared by reaction synthesis. Intermetallics of type I and type 11 composites mainly consisted of Al-rich Ni0.45Al0.55 with variable thickness and Ni-rich Ni0.58Al0.42 with similar thickness, respectively. As intermetallic volume fraction increased, yield strength of type II followed the rule-of-mixture well, while that of type I deviated due to the composition variation of intermetallic phases. Fracture toughness of type 11 was higher than that of type I, and all showed K-R curves with upward curvature by large-scale bridging. Even though the relative strength of constituent phases in intermetallic/metal laminates was not constant due to the gradient microstructure, the fracture mode transition showed similar behavior to that of metal/ceramic laminates.