Powder metallurgy has been a fundamental manufacturing technology and the performances of PM components depend on the feedstock particle properties. Fine and spherical metallic particles are required to meet the industrial needs such as down-sizing and good sinter-ability. A combined process for fine and spherical particle preparation was designed and suggested in this study. The process consisted of particle comminution and thermal plasma spheroidization. Cu-Zr alloy was cast and then mechanically pulverized. After that, the broken particles were spheroidized by RF thermal plasma process. Feasibility of the process was evaluated in view of size, morphology, and chemical composition. The combined process showed high selectivity on both size and morphology. However, there was a critical limitation in the reliability of chemical composition. Vaporization of copper in the in-flight particle resulted in the deviation of chemical composition from starting feedstock particle. With the feedstock particle size decreasing, vaporization was much more enhanced.