An alloy and metal matrix composite (MMC) based on a refractory metal such as rhenium resists oxidation by the inclusion of alloying substances with affinity for oxygen or other oxidizing substances. Rhenium enjoys excellent high temperature strength but oxidizes at a much lower temperature. This reduces its desirability for hot, stressed environments. The addition of substances, such as soluble metals, that attract oxygen may form a protective oxide layer over the remaining portion of the rhenium-alloy part or piece. Such soluble alloying constituents may include chromium, cobalt, nickel, titanium, thorium, aluminum, hafnium, vanadium, silicon, aluminum, and yttrium. The addition of second phase fiber or particulates such as carbides of silicon, tungsten, titanium and/or boron provides additional wear resistance in the formation of a resulting metal matrix composite (MMC).