The preparation of rhenium powder by a hydrogen reduction of ammonium perrhenate is the only industrial production method. However, due to the uneven particle size distribution and large particle size of rhenium powder, it is difficult to prepare high-density rhenium ingot. Moreover, the existing process requires a secondary high-temperature reduction and the deoxidization process is complex and requires a high-temperature resistance of the equipment. Attempting to tackle the difficulties, this paper described a novel process to improve the particle size distribution uniformity and reduce the particle size of rhenium powder, aiming to produce a high-density rhenium ingot, and ammonium perrhenate is completely reduced by hydrogen at a low temperature. When the particle size of the rhenium powder was 19.74 µm, the density of the pressed rhenium ingot was 20.106 g/cm3, which was close to the theoretical density of rhenium. In addition, the hydrogen reduction mechanism of ammonium perrhenate was investigated in this paper. The results showed that the disproportionation of ReO3 decreased the rate of the reduction reaction, and the XRD and XPS patterns showed that the increase in the reduction temperature was conducive to increasing the reduction reaction rate and reducing the influence of disproportionation on the reduction process. At the same reduction temperature, reducing the particle sizes of ammonium perrhenate was conducive to increasing the hydrogen reduction rate and reducing the influence of the disproportionation.