In this study, six distinct alloy compositions were synthesized via mechanical alloying as S1 (Mo₈₀Ni₁₀Si₁₀), S2 (Mo₈₀Ni₁₀Co₁₀), S3 (Mo₈₀Ni₁₀Si₅Co₅), S4 (Mo₇₉Ni₁₀Si₁₀(Y₂O₃)₁), S5 (Mo₇₉Ni₁₀Co₁₀(Y₂O₃)₁), and S6 (Mo₇₉Ni₁₀Si₅Co₅(Y₂O₃)₁) (in weight%) followed by conventional sintering at 1500 °C for 1.5 h in continuous flowing hydrogen atmosphere. The spark plasma sintering (SPS) was done at 1150 °C for 5 min at 60 MPa pressure. After 20 h of milling, few oxide particles were encapsulated within Mo particles and others were dispersed at Mo matrix boundary. Alloy S4 containing Y₂O₃ exhibited the smallest particle size (0.51 µm) and a bimodal particle size distribution. XRD analysis of H₂ sintered samples identifies the presence of hard and brittle intermetallic phases, including Mo₃Si (cubic), Ni₂Si (orthorhombic), and MoNi (orthorhombic). SEM analysis reveals that Y₂O₃ nanoparticles reduce the average grain size of the Mo matrix. Elemental mapping confirms the presence of Y₂O₃ within the Mo matrix in alloys S4 to S6. Among H₂ sintered alloys, S6 achieves the highest relative density of 93.04%. Alloy S2 exhibited the highest hardness values of 9.08 GPa and minimum specific wear rate of 0.13 × 10^-3 mm³/N.m, attributed to its significant intermetallic phase formation.  Incorporating Y₂O₃ particle improve the wear resistance of Mo alloys due to oxide dispersion strengthening. The high-temperature oxidation study at 1000 °C at 10 h of H₂ sintered samples illustrates minimum weight change and maximum oxidation resistance in the S6 sample, which is attributed to its lowest porosity. Among all the alloys investigated, SPSed alloy S1 exhibited the highest hardness (25.08 GPa), whereas SPSed alloy S6 achieved the highest sintered density (99.54%) and superior wear resistance (specific wear rate: 0.31 × 10^-4 mm³/N.m). The rapid SPS cycle effectively suppressed grain growth, significantly enhancing strength and hardness compared to conventionally sintered Mo alloys.