Bismuth telluride based compounds is known to be the best thermoelectric materials within the low temperature regime. In this study, the P-type Bi0.5Sb1.5Te3 thermoelectric alloy was synthesized by ceramic processing method. The Bi0.5Sb1.5Te3 thermoelectric materials were prepared via the ball milling, cold pressing, and sintering processes. The effects of sintering time and temperature on the microstructures and thermoelectric properties were investigated and discussed. The X-ray diffraction patterns of Bi0.5Sb1.5Te3 reveal that the compounds have the oxides after the sintering processes and the heat treatment process causes grain growth by the increased sintering temperature and time. The results of thermoelectric properties show that the optimal Seebeck coefficient 300(£gV/K) was obtained as the sample was sintered at 350¢XC for 3h and the resistivity will reach the maximum. The figure of merit of 0.15 was obtained at room temperature as the sample was sintered at 375¢XC for 3h.