The ultrafine titanium carbonitride (TiC_xN_y) particles below 100 nm in mean size, including various carbon and nitrogen contents (x=0.55~0.9, y=0.1~0.5), were successfully synthesized by new Mg-thermal reduction process. Nanostructured sub-stoichiometric titanium carbide (TiC_x) particles were initially produced by the magnesium reduction of gaseous TiCl_4+x/2C_2Cl_4 at 890°C and post heat treatments in vacuum were performed for 2 hrs to remove residual magnesium and magnesium chloride mixed with TiC_x. Finally, well C/N-controled TiC_xN_y phases were successfully produced by nitrification heat treatment under normal N_2 gas atmosphere at 1150°C for 2 hrs. The values of purity, mean particle size and oxygen content of produced particles were about 99.3%, 100 nm and 0.2 wt.%, respectively.