In order to investigate the effect of hot isostatic pressing (HIP) process parameters on the properties and fracture behavior of tungsten alloy, HIP experiments with different process parameters were carried out, and the relative density, Rockwell hardness, tensile properties, and tensile fracture behavior were analyzed. The results show that after HIP, the tungsten alloy samples obtained further densification, higher relative density and hardness, and lower dispersity. At 1300 °C and 140 MPa, the sintered bar achieved excellent mechanical properties: yield strength increased by 16.5%, tensile strength increased by 16.1%, and fracture strength increased by 85.3%. Comparing the two processes, the mechanical properties of tungsten alloy powders formed directly via HIP were not as good as those of the sintered bars. In addition, after HIP, the fracture mode of the tungsten alloy sintered bar samples was mainly ductile tear, and that of the tungsten alloy powder samples was mainly a full brittle fracture.