A process for manufacturing alloy powder with dual consumable rotary electrodes arc melting is suitable for manufacturing pure and low-surface-area powder of metal, active metals and their alloys. In the process, rotary electrode and tungsten electrode adopted by conventional rotary electrode and arc process for manufacturing powder are respectively replaced with a rotary or anodic electrode containing a first metal and a feed or cathodic electrode containing a second metal. An inert gas is supplied into equipment for implementing the process to serve as a protective atmosphere and stabilize generated electric arc. The cathodic electrode melts under the high temperature of the arc at a cathodic spot, and droplets of the molten cathodic or second metal are sprayed toward the anodic electrode to mix with molten anodic or first metal and thrown out by a centrifugal force of the rotary electrode to produce round-shaped alloy powder containing the first and the second metal.