Abstract: An in situ and ex situ reinforced powder metallurgy (PM) steel was prepared by the combination of high-energy ball milling and subsequent hot pressing of elemental mixed powders of Fe-10Cr-1Cu-1Ni-1Mo-2C by mass with the addition of NbC particles. A 40-h milling pretreatment makes the powder particles nearly equiaxed with an average diameter of ~8 μm, and the ferrite grain size is refined to ~6 nm. The sintered density reaches 99.0%-99.7% of the theoretical value when the sintering is conducted at temperatures greater than 1000℃ for 30 min. In the sintered bulk specimens, the formation of an in situ M₇C₃ (M=Cr, Fe, Mo) phase is confirmed. M₇C₃ carbides with several hundred nanometers in size are uniformly distributed in the matrix. Some ultra-fine second phases of 50-200 nm form around the ex situ NbC and in situ M₇C₃ particles. The sintered steel exhibits an excellent combination of hardness (> Hv 500) and compressive strength (2100-2420 MPa).