Tungsten heavy alloys (W–Ni–Fe) play an important role in various industries because of their excellent mechanical properties, such as the excellent hardness of tungsten, low thermal expansion, corrosion resistance of nickel, and ductility of iron. In tungsten heavy alloys, tungsten nanoparticles allow the relatively low-temperature molding of high-melting-point tungsten and can improve densification. In this study, to improve the densification of tungsten heavy alloy, nanoparticles are manufactured by ultrasonic milling of metal oxide. The physical properties of the metal oxide and the solvent viscosity are selected as the main parameters. When the density is low and the Mohs hardness is high, the particle size distribution is relatively high. When the density is high and the Mohs hardness is low, the particle size distribution is relatively low. Additionally, the average particle size tends to decrease with increasing viscosity. Metal oxides prepared by ultrasonic milling in high-viscosity solvent show an average particle size of less than 300 nm based on the dynamic light scattering and scanning electron microscopy analysis. The effects of the physical properties of the metal oxide and the solvent viscosity on the pulverization are analyzed experimentally.