A novel Co-Ni-based superalloy was manufactured by powder metallurgy (PM) process. The microstructure and mechanical properties of PM alloy were analyzed in detail and compared with the corresponding casting alloy. After cold swaging to 66% and subsequent aging for 800 °C for 3 h on solution treated (ST) PM alloy, the yield strengths of PM superalloy can be doubled and tripled to be 1500 and 2265 MPa respectively, as compared with 700 MPa of ST PM alloy. In contrast, for the same casting alloy after subjected to similar treatments, their corresponding yield strengths were 1100 and 1650 MPa, respectively, which are much lower than these of PM alloy. Strengthening mechanism of both PM and casting alloys were quantitatively calculated, unmasking that the higher mechanical property of PM alloy can be mainly ascribed to the higher contribution from grain boundary and precipitation strengthening.