B2-ordered FeAl based materials with 0, 10, 20, 30, 40, 50 and 60 wt.% B2-ordered NiAl reinforced phase were prepared by mechanical alloying with subsequent hot-pressing sintering. The microstructure, mechanical properties and oxidation resistance were investigated. The results showed that after adding NiAl, the main phase was composed of B2-ordered NiAl, B2-ordered FeAl phase, a small amount of AlFe3C0.5 and α-Al2O3. With the increase of NiAl content, the hardness and compressive strength of NiAl/FeAl composites first increased and then decreased. When the content of NiAl increased to 30 wt.%, the hardness and compressive strength of NiAl/FeAl composite reached the maximum value of 50.30 HRC and 2053.43 MPa, which was 35.2% and 40.8% higher than FeAl alloy. Besides, with the increase of NiAl content, the formation of dense oxide film on the surface was easier and faster, and the oxidation resistance was gradually improved. When the content of NiAl increased to 60 wt.%, the oxidation weight gain of NiAl/FeAl composite was 0.19 mg/cm2. Compared with FeAl alloy, the oxidation resistance of 60 wt.% NiAl/FeAl was increased by 81%, and the thickness of oxide layer was reduced from 1.527 μm to 0.253 μm. At this time, the oxide on the surface of the oxidized sample was mainly composed of α-Al2O3, α-Fe2O3 and a small amount of NiO.