Metallic alloy particles of silver (Ag) and palladium (Pd) in submicron size range were prepared using an ultrasonic spray pyrolysis of AgNO3 and Pd (NO3)2 solutions. The particles were prepared with two distinct heating pattterns. One is the heating of droplets at a constant temperature in a pyrolyzing furnace, where the temperature was kept at the same value from the entrance to the exit. The other is the heating of droplets with gradually-increasing temperature from entrance to exit. The exit temperature was set at the same temperature as that for the constant heating. TG mass change of particle during oxidization in air was examined. The mass change at stepwise heating was lower than that at constant heating for high Pd/Ag ratio. The oxidation mechanism was investigated by thermal analysis and compared with the thermal decomposition difference between AgNO3 and Pd (NO3)2 solutions.