Fe-48at%Cr alloy has been synthesized using mechanical alloying (MA) of Fe and Cr powder and consolidated using pulsed current sintering (PCS). The obtained Fe-48at%Cr alloy has consisted of fine grains without a brittle sigma phase, which precipitated inevitably in Fe-48at%Cr cast alloy. Fe-48at%Cr alloy fabricated by the newly proposed process (MA-PCS) has showed a high strength of over 1GPa and a high elongation more 10% at room temperature.