The invention discloses a process for preparing a metallurgical powder product from titanium hydride powder preparedmade by hydrogenating sponge titanium instead of titanium powder. The process comprises the following steps of: firstly, hydrogenating sponge titanium, crushing and, rating and mixing brittle titanium hydride, and mixing the titanium hydride with an alloy element; and then, carryingout near-net shape pressing to finish dehydrogenation in a vacuum sintering process. In the process of directly forming the titanium hydride powder, because of the secondary crushing of the brittle titanium hydride powder, the pressed green density is higher than that obtainedan occasion when titanium or titanium alloy powder is used, and the titanium is prevented from being oxidized. In the sintering process, the density of a sintering blank can rapidly rise (to be higher than 99 percent) because of the decomposition of the titanium hydride. The method has the characteristics short process flows, high yield and product density, low cost and oxygen content and good performance.