[en] The functional roles of the hard and soft constituents in the deformation and fracture of two-phase alloys are discussed on the basis of two commercially important alloy systems, namely spheroidized carbon steels and cemented carbides, WC-Co. A modified rule of mixtures provides a structural approach to the yield and flow strength. Consideration of the fracture toughness is attempted by means of a phenomenological modelling of the fracture process on the microscale. While there are large differences in properties between the two alloys, the deformation and fracture processes show broad smilarities which are associated with the features of the interaction between constituents common to both alloys