The　p-type　(Bi,　Sb)2Te3　thermoelectric　materials　were　prepared　by　mechanical　alloying　and　spark　plasma　sintering.　Electrical　conductivity,　Seebeck　coefficient　and　thermal　conductivity　of　the　sintered　samples　were　measured　in　the　temperature　range　of　300-423　K.　The　effect　of　milling　time　on　alloy　formation　and　thermal　properties　was　investigated　in　system.　The　optimal　figure　of　merit　ZT　of　the　milling　for　2　h　sintering　material　was　highest　because　of　low　thermal　conductivity.　It　reached　1.16　at　323　K　and　1.23　at　373　K.