Superfine Bi-Pb-Sn-Cd fusible alloy powders were prepared with the method of phase inversion，in which water drops containing dispersant were added into Bi-Pb-Sn-Cd alloy melt gradually to facilitate surface treatment.The effects of temperature，stirring speed and dispersant content on average particle size of alloy were investigated.The results showed that by adding water，the phase of Bi-Pb-Sn-Cd alloy inversed from continuous phase to dispersed phase，dispersant was adsorbed on the surface of the dispersed phase，and superfine powders with surface treatment were obtained.Temperature，stirring speed and dispersant content strongly affected average size of alloy powder.When dispersant content was 1%，temperature was 85℃ and stirring speed was 1750 r·min-1，Bi-Pb-Sn-Cd alloy powder with average size of 0.3 μm was prepared.In order to obtain alloy powder of required size and surface treatment，temperature，stirring speed and dispersant content must be kept in a proper range.