The objective of the study was to design an efficient production route for the U720LI nickel alloy using elemental powders as initial materials. The powder mixing process was carried out using a double-cone mixer and an Attritor mill, respectively. A device proper for effective mixing and mechanical alloying of powder particles was selected, and the most favorable parameters for the powder mixing process necessary for the production of the alloy were developed. The analysis of the results showed that significantly higher efficiency in mixing the powders necessary for producing the U720LI alloy was achieved using the Attritor mill. In further tests, the most favorable operating parameters of this device were determined by mixing materials at different rotational speeds. The results demonstrated that the most effective method of powder bonding among the tested variants was mixing in the Attritor mill at the identified high rotational speeds. A highly densified product with a homogeneous microstructure and free of external and internal defects was obtained, suitable for use both as a finished product and as high-quality feedstock for hot metal forming processing.