A novel method is presented for direct production of multi-component alloy powders using aluminothermic reduction of metal compounds based on V, Cr, Fe, Co, Ni, Cu, Zn, Nb, Mo, Rd, Ag, Sn, Ta and Al. The method provides for a mixture of precursor chemicals to be mixed and reacted exothermically with Al under controlled conditions using a control powder. Reduction is carried out in a controlled manner to regulate reaction rates and prevent excessive rise in the temperature of the reactants and the reaction products. Alloying additives such as C, O2, N2, B and Si can be included. Results are presented for direct production of high entropy alloys based on Co, Cr, Fe, Ni, Al and Nb.