Ni-based oxide dispersion strengthened (ODS) alloys have a higher usable temperature and better hightemperature mechanical properties than conventional superalloys. They are therefore being explored for applications in various fields such as those of aerospace and gas turbines. In general, ODS alloys are manufactured from alloy powders by mechanical alloying of element powders. However, our research team produces alloy powders in which the Ni5Y intermetallic phase is formed by an atomizing process. In this study, mechanical alloying was performed using a planetary mill to analyze the milling behavior of Ni-based oxide dispersions strengthened alloy powder in which the Ni5Y is the intermetallic phase. As the milling time increased, the Ni5Y intermetallic phase was refined. These results are confirmed by SEM and EPMA analysis on microstructure. In addition, it is confirmed that as the milling increased, the mechanical properties of Ni-based ODS alloy powder improve due to grain refinement by plastic deformation.