This article refers to the composition of MA754 alloy and prepared Ni-based alloy powders with high melting point containing Ti and Nb as framework, as well as low melting point Ni-based alloy powders with B and Zr as wetting agents by high-energy ball milling, respectively. A Ni-based ODS alloy with excellent performance was prepared by the way of spark plasma sintering after mixing two kinds of powder in the optimal ratio. The influence of sintering temperature and the content of low melting point powder in composite powder on the microstructure and mechanical properties of the alloy was studied. The results showed that dispersed oxides could be observed in the alloy structure prepared by this method, and the mechanical properties were improved compared to MA754 alloy. As the content of low melting point alloy in the composite powder increases, the alloy structure first becomes small and uniform, then acicular aggregate phases and coarse block phases appear. The tensile strength of the alloy shows a trend of first increasing and then decreasing. When the sintering temperature is 1025 ℃ and the content of low melting point alloy powder in the composite powder is 3 wt.%, the alloy has the highest tensile strength of 951.87 MPa, which is significantly improved compared to commercial MA754 alloy.