Instead of the conventional melting and solidification method, which requires high temperature processes, new P/M approaches on the route of mechanical alloying are highlighted to make near-net shaping of the refractory metal aluminides and silicides. In particular, P/M approach starting from mechanically alloyed precursor is proposed and developed in the present study for preparing refractory metal silicides. Since reaction temperature required to form silicides can be lowered by using mechanically alloyed precursor, the final intermetallic compound is expected to have fine-grained microstructure. SiC whisker reinforced MoSi2 is fabricated to improve the toughness at room temperature. The proposed two-step reactive forging processing is effective to improve the relative density of final products for near-net shaping.