AgCu alloy powder has both the advantages of Ag powder and Cu powder, and has broad application prospects in electronic manufacturing, catalysis and medical fields. Powder samples were prepared by pulse laser etching of AgCu eutectic alloy targets. The particle size, appearance, composition and microstructure of the powder samples were studied by scanning electron microscope, X-ray energy dispersive spectrometer and differential thermal analysis. The results show that the particle size distribution of AgCu alloy powder prepared by pulsed laser etching is in the range of 1 ~ 6 μm. The powder particles are spherical and have a smooth surface. The average Ag content of the powder particles is close to that of the target, the composition is uniform on the cross section, and the Ag content fluctuation is less than 3 at%. The microstructure of the powder is Ag-rich phase and Cu-rich phase. The onset melting temperatures of the powder and target were 773°C and 779.5°C, respectively. The melting temperature range of the two is similar, but the temperature range of the former is shifted to a lower temperature than the latter, which is presumed to result from the presence of metastable structures in the powder particles. The research results provide a feasible way for the preparation of high-performance ultrafine spherical AgCu alloy powders.