The powders of the BiInSn alloy were produced by the ultrasonic atomization and the ultrasonic mixed crushing using the different dispersants. In this study, the composition, microstructure, melting point, and size of these powders were observed. The viscosity of different solutions of the dispersants and the mechanical properties of the sintered bulk materials were also tested. From the data analysis and results, we found that the composition of the powders using the different methods was consistent with the as-cast state. In addition, the size of powder produced by ultrasonic mixed crushing was significantly smaller than that ultrasonic atomization. And during the ultrasonic crushing process, with the increase of the viscosity of the dispersant, the size of the final powder also decreased, and even submicron powder were produced. The product of submicron powder could effectively improve the density and mechanical properties of sintered materials. And the principles of ultrasonic atomization and ultrasonic mixed crushing were discussed. We found that the mechanism of ultrasonic mixed crushing to produce powder was the micro-shock-wave theory of ultrasonic cavitation. At the same time, these dispersants were effective in keeping the droplets separate from each other and preventing them from merging back into the larger droplets. The droplet was solidified into a powder by rapid cooling in the end.