Abstract: A moly permalloy powder core (MPP core) to be used in SMPS (switching mode power supply) and DC converters is disclosed. Particularly, a process for manufacturing an MPP core forming powder and a process for manufacturing the MPP core using the MPP core forming powder are disclosed, in which the MPP core forming powder can be directly manufactured from melts. The process for manufacturing a powder for an MPP core (moly permalloy powder core) includes the steps of: melting an alloy composed of, in wt %, 1.6-4.0% of Mo, 78-83% of Ni, and the balance of Fe; and manufacturing a powder by spouting a fluid into the flow of the melts. As the Mpp core forming material is manufactured directly from the melts, the workability and productivity are improved, and the yield and the forming density can be also improved, as well as improving the frequency characteristics of the MPP core.