The invention discloses a manufacturing process for producing cobalt-based alloy powder metallurgy by using a simple substance ball milling method. The manufacturing process overcomes the casting defects such as coarse crystal grains, pores, inclusions, and component segregation in the prior art by adopting a casting process and the problems of high energy consumption, low material utilization rate and incapability of component fine adjustment on materials of the same grade by adopting the alloy powder metallurgy method. The manufacturing process is characterized by adopting simple substance materials for proportioning, and directly carrying out granulation, shaping, sintering and inspection after grinding. The manufacturing process has the beneficial effects that the casting defects for producing a cobalt-based alloy by adopting the casting method are overcome, the obtained metallographic structure is finer, the phases are more uniformly distributed, the comprehensive performance is better, and the two procedures of smelting and powder spraying for producing the cobalt-based alloy by the alloy powder metallurgy method are omitted, so that the production efficiency is high, and theenergy consumption is low; all the powder can be pressed and sintered after the grinding materials are granulated, and the material utilization rate is more than 99%; and the components of the materials of the same grade can be finely adjusted, quick and small batch production can be achieved, and the special needs of customers can be met.