This paper discussed the technical process of mechanical alloying-spark plasma sintering-hot isostatic pressing (MA-SPS-HIP) to fabricate vanadium alloy V-4Cr-4Ti-1.8YH2, and the properties of the alloy after annealing treatment at 1000~1200 oC were tested. The XRD and SEM analyses show that it can reach the purpose of mechanical alloying after 50 h milling. The tensile test shows that V-4Cr-4Ti-1.8YH2 alloy has a better mechanical property which can reach the optimum when the annealing temperature is 1100 oC. Microstructure analysis shows that the grain size of the vanadium alloy is mostly below 0.5 μm, and YH2 transforms into Y2O3 during sintering process which are less than 50 nm particles distributing in the matrix