Using TiO₂, V₂O₅, and Al as raw materials and Mg and Ca as reducing agents, a novel method for preparing Ti6Al4V alloy powder through multistage deep reduction process was introduced. This new process has higher productivity and less pollution than traditional metallurgical process does. The results of self-propagating primary reduction experiments show that Mg is a more suitable reducing agent than Ca in the specific stage, and the porous Ti-Al-V-O precursor material with 6.74wt%~16.4wt% oxygen can be obtained when the amount of reducing agent Mg is appropriate. The Ti6Al4V powder with 0.24wt% oxygen can be obtained after the further calciothermic deep reduction (holding at 1173 K for 3.5 h).