In this study, the effect of milling time on the microstructure and phase transformation behaviors of Ni-12 wt.%B powders was investigated using vibratory ball milling process. X-ray diffraction patterns showed that the phase transformation of mixed Ni-B elemental powder occurred after 50 hours of milling, with a formation of nickel boride phases. Through the study of microstructures in mechanical alloying process, it was considered that ball milling strongly accelerates solid-state diffusions of the Ni and B atoms during mechanical alloying process. The results of X-ray photoelectron spectroscopy showed that most of B atoms in the powder were linked to Ni with a formation of nickel boride phases after 200 hours of milling. It was finally concluded that mechanical alloying using ball milling process is feasible to synthesize fine and uniform nickel boride powders.