The thermal properties of MoW-HfN, a surrogate cermet for MoW-UN nuclear thermal propulsion fuel, were characterized over a wide range of elevated temperatures. Thermal diffusivity, coefficient of thermal expansion (CTE), and heat capacity were measured. Optical and scanning electron microscopy were performed to characterize the microstructure and draw structure–property correlations. The thermal diffusivity was obtained using the laser flash method. Diffusivity values ranged from about 0.18 cm2/s at 200°C to 0.15 cm2/s at 1800°C. The CTE was measured using push-rod dilatometry up to 1600°C, giving values between 6.0 and 9.0 μm/m. A scientific rationalization of the effective material properties is made using the rule-of-mixtures and other effective properties models.