The orthogonal design approach and range analysis were used to investigate the preparation parameters optimization of ultrasonic arc spray (UAS) AgNiCu15-5 powder. The prepared global AgNiCu15-5 powder was characterized by SEM and XRD. The results show that both the spray length (L) and the arc current (I) have great effects, while both the arc voltage (U) and the pressure of atomization gases (P) have less effects on the powder size in the range of 25~38 μm. The optimal process parameters of the fine AgNiCu15-5 alloy powder preparation are given as follows: the spray length is 250 mm, the arc current is 100 A, the arc voltage is 32 V, and the pressure of atomization gases is 0.8 MPa. Under the optimized conditions the prepared AgNiCu15-5 powder possesses global particles with uniform size, more than 94% of which is less than 38 μm