In order to decrease the production costs of Inconel 718 alloy, two kinds of test programs were designed including conventional program and economical program. The conventional program was designed to smelt Inconel 718 alloy with elemental metal. The economical program was designed to smelt Inconel 718 alloy with Nb-Fe and Cr-Fe instead of metal Nb and Cr. Two heats of 718 alloy were smelted separately by two kinds of test programs in vacuum induction furnace, molten alloy were casted to two ingots. Under the same processing parameter, two ingots were carried out diffusion annealing, roll forming and heat treatment. Specimens were taken to analyze the mechanical properties and metallurgical structure. The testing results show Inconel 718 alloy by both kinds of test programs can reach domestic technical standard of superior alloy. Compared with conventional program, economical program of using Nb-Fe and Cr-Fe instead of metal Nb and Cr can decrease 18% costs of the raw material.