A process is provided for producing a fine tungsten carbide powder, which comprises the steps of drying a slurry, which is obtained by mixing an aqueous ammonium tungstate solution with a carbon powder, at low temperature, to form a precursor, mixing a reduction and carburization product, which is obtained by reducing and oxidizing the precursor in an inert gas, with a carbon powder in a proportion required to substantially carburize the entire tungsten component into tungsten carbide (WC), and carburizing the mixture; and a high-performance fine tungsten carbide powder produced by the process, which has an average particle size of 0.8 .mu.m or less and is free of a coarse power having a particle size of more than 1 .mu.m, and which also contains less metal impurities and contains oxygen and nitrogen in a predetermined amount.