An electrochemical displacement-deposition method for making composite metal powders is described. The method is carried out by combining tungsten or molybdenum metal particles with particles of silver oxide or copper oxide in an aqueous hydroxide solution. Heat is applied to the solution to cause the oxide particles to convert to silver or copper metal particles which are substantially adhered to the refractory metal particles. Unlike conventional methods, it is not necessary to heat the oxide powders to a very high temperature in a reducing atmosphere in order to form the composite metal powder.