Fibrous $Al_2O_3-(m-ZrO_2)/t-ZrO_2$ composites having core/shell structure were fabricated by multi-extrusion process. The effect o volume fraction between core ($Al_2O_3-(m-ZrO_2)$) and shell ($t-ZrO_2$ was investigated to understand the relationship between microstructure and material properites, in which the volume fractions of core and shell were varied as 40:60, 50:50 and 60:40. The material properties o hardness and bending strength were increased as the volume fraction of core was increased, and their maximum values were about 1320 Hv and 750MPa, respectively. However, as the volume fraction of core increased, the values of relative density and fracture toughness were decreased from 97.1 to $96.5\%$ and from $6.5MPa{cdot}m^{1/2}$ to $5.7MPa{cdot}m^{1/2}$, respectively.