Nanostructured Cu-Pb powders were synthesized by mechanical alloying process. The variation of powder characteristics with mechanical alloying time was investigated by x-ray diffraction, differential scanning calorimetry, SEM and TEM. An electrical resistivity of the hot pressed specimens was also measured by using the nanovoltmeter. It was shown that mechanical alloying for 12 hours leads to a homogenization and a grain refinement to the nanometer scale under 20 nm. The mechanically alloyed Cu-Pb alloys represented the enhanced solid solubility of 10wt% Pb in the Cu matrix. The monotectic temperature of nanostructured Cu-Pb alloy decreased from equilibrium state of 955$^{circ}C$ to 855$^{circ}C$ due to reduced grain size effect. The analysis of electrical resistivity showed that the hot pressed MA Cu-5wt% Pb compact existed as a solid solution.