The nanosized silicon powder has been produced by reduction of silica with magnesium in an argon medium using both the mechanically activated self-propagating high-temperature synthesis and the direct mechanochemical synthesis and has been investigated by X-ray phase analysis, Infrared spectroscopy, electron scanning microscopy, and energy dispersive X-ray spectroscopy. The optimal Mg:SiO2 ratio has been found to provide the minimum content of contaminant impurities of magnesium silicide and silicate in mechanically activated self-propagating high-temperature synthesis. For the first time, direct mechanochemical synthesis of Si via reduction of silica with magnesium has been implemented. Optimal component ratio and mechanical activation parameters have been determined, yielding Si/MgO composites without impurity phases (magnesium silicide and silicate). A purification procedure has been proposed for separating silicon obtained from magnesium oxide and other impurity phases. The ratio of initial components has been determined, at which purified silicon has the least amount of impurities. The particle size of silicon powder obtained was 50–80 nm for the mechanically activated self-propagating high-temperature synthesis, and 30–50 nm for the direct mechanochemical synthesis.