A rhenium alloy is provided having from about 50 atomic % to 99 atomic % rhenium and a refractory compound particulates that are present in the alloy in an amount up to about 10 atomic %. The refractory compound comprises a nano-scale dispersion that is incorporated into the conventional rhenium structure. The nano-scale dispersion acts as grain boundary pins that result in a relatively fine grained, equiaxed structure that improves the mechanical properties of the alloy and helps to minimize the growth of large grains during operations at high temperatures. As a result, the amount of the rhenium used in high temperature applications may be reduced without sacrificing its high temperature and mechanical properties. Cryomilling in the presence of nitrogen may be used to prepare the rhenium alloy having a stable fine grain structure at high temperatures.