A self-invented atomization process, in which molten metal is atomized into powder by a high-velocity gas stream carrying solid particles as the atomization medium, was introduced. The characteristics of powders prepared by common gas atomization and dual-phase flow atomization under similar conditions were compared. The experimental results show that the dual-phase flow-atomized powders have average particle sizes that are one-half that of the common gas-atomized particles; additionally, they possess a finer microstructure and higher cooling rate under the same atomization gas pressure and the same gas flow. The Weber number in the crash criteria of liquid atomization is adopted to measure the crash ability of the atomization media. The Weber number of the dual-phase flow atomization medium is the sum of that of the gas and the solid particles. Furthermore, the critical equation of the crash model in dual-phase flow atomization is established, and the main regularities associated with this process were analyzed.