The purpose of this study is to investigate the densification behavior and the corresponding microstructural evolution of tantalum and tantalum-tungsten alloy powders for explosively formed liners. The inherent inhomogeneous microstructures of tantalum manufactured by an ingot metallurgy might degrade the capability of the warhead. Therefore, to overcome such drawbacks, powder metallurgy was incorporated into the near-net shape process in this study. Spark plasma-sintered tantalum and its alloys with finer particle sizes exhibited higher densities and lower grain sizes. However, they were contaminated from the graphite mold during sintering. Higher compaction pressures in die and isostatic compaction techniques also enhanced the sinterability of the tantalum powders; however, a full densification could not be achieved. On the other hand, the powders exhibited full densification after being subjected to hot isostatic pressing over two times. Consequently, it was found that the hot isostatic-pressed tantalum might exhibit a lower grain size and a higher density as compared to those obtained in previous studies.