The microstructure and thermoelectric properties of InSb–NiSb composite system are investigated. NiSb, ranging from micro- to nanoscale, is introduced as a nonsoluble second phase in the InSb matrix by using the water quenching method. The morphology of the second phase is adjusted by varying the composition from hypoeutectic to hypereutectic alloys. The eutectic composite with a semiconducting InSb matrix and a metallic NiSb fiber on the order of 100-nm diameter is obtained. Melt spinning (MS) is applied to the eutectic composition to change the NiSb dispersion phase to around 200-nm diameter sphere. Transport properties, including Seebeck coefficient, resistivity, Hall coefficient, and thermal conductivity, are measured from 80 to 630 K. Compared to the water quenched (WQ) eutectic sample, the MS process results in a slight increase in the carrier concentration but a remarkable reduction in the mobility and thermal conductivity. Compared to the InSb matrix, ZT of the samples with the NiSb second phase is lower. For the eutectic samples, ZT is significantly reduced after the MS process because of the loss in mobility. ZT of the WQ InSb matrix is the highest in all the samples, ∼0.5 at 600 K.