Ni/YSZ cermet anode is required to satisfy various properties as a key component of anode-supported type SOFC, since the cell performance is dependent upon anode properties. Ni/YSZ anode, with complicated structural features, consists of three different phases such as metallic Ni, YSZ ceramic and pores. The correlation between those structural features makes it difficult to independently optimize individual function of anode such as gas permeability, electrical conductivity and electrochemical activity. Microstructure of anode substrate was evaluated in terms of pore structure and metallic phase development by varying compaction pressure. The resulting pore structure went through a gradual transition, which was correspondingly reflected in gas permeability and electrical conductivity of anode substrate. An effort to establish structure-property-processing correlation has been made in this study to achieve improved anode performance.