The nanostructured W-Cu powder was prepared by high-energy ball-milling. The W-Cu alloy as liner materials was fabricated by the dynamic consolidation technique. The density of the consolidated sample was 99.6% T.D. The sample was determined by EPMA, and the results show that the composition and the distribution of the elements were uniform. The sample was analyzed by XRD, and the W crystalline sizes were measured as 26 nm. The sample was machined into W-Cu alloy liners, showing good properties of machinability. The armor-piercing experiment of the W-Cu alloy liner of shaped charge without an insulating board indicates that the armor-piercing capability increases by more than 30% in comparison with the copper liner