Using the stearic acid as carbon source to replace graphite, TZM alloy was doped with carbon by a solid-liquid mixing method. The TZM sheet was prepared by hot-rolling, warm-rolling, cold rolling and other techniques. The mechanical properties and metallographic structure of the TZM sheet were analyzed. The results show that the TZM alloy powder is mixed more evenly using stearic acid as carbon source than using graphite as carbon source. The second phase is more and smaller. The second phase particles take a pinning effect on the dislocation, hinder the slip of the grain boundaries, and thus increase the tensile strength of TZM alloy, which is 1168 MPa and improved by 15.3%, and the elongation is 7.66%.