A nickel-rhenium alloy powder comprising nickel as a main component, 0.1 to 10% by weight of rhenium, and having an average particle size of 0.05 to 1.0 .mu.m is provided. The nickel-rhenium alloy powder has a surface oxide film containing a nickel oxide and a rhenium oxide, and the amount of oxygen in the surface oxide film is 0.1 to 3.0% by weight relative to the total weight of the powder. The nickel-rhenium alloy powder is suitable, in particular, for forming internal electrode layers of a multilayer ceramic electronic component. The obtained powder is homogeneously mixed and dispersed in an organic vehicle, together with other additives as needed, to prepare a conductor paste. The surface oxide film allows bringing the sintering shrinkage behavior of electrode layers and ceramic layers closer to each other when the nickel-rhenium alloy powder is used, in particular, for forming internal electrodes of a multilayer ceramic electronic component. Moreover, there occurs no electrode spheroidizing caused by oversintering. and thus thinner, dense internal electrodes having excellent continuity can be formed.