The present invention provides a simple, energy efficient and cost effective process for continuous production of high quality MgB.sub.2 based superconducting wires, tapes, bulk bodies and powders with better phase purity, microstructure and superconducting properties by introducing some innovative steps namely processing the reactants in evacuated and sealed metal tubes by electrical self-heating cum hot rolling followed by annealing under electrical self-heating, thereby overcoming various deficiencies and shortcomings associated with the prior art.