Intermetallic γ‐TiAl‐based alloys represent a new class of light‐weight structural materials for use at high temperatures. Because of their unique properties these alloys are considered for applications in aerospace and automotive industries. During the last decade both, alloy development and materials processing progressed significantly. New materials and powder metallurgy (PM) have formed a symbiosis since many decades. In fact, PM is an ancient technology which has been used for the processing for almost every metal or ceramic material. Therefore, it is hardly surprising that PM plays an important role in research and development of γ‐TiAl‐based alloys.