Hot isostatic pressing (HIP) is an ideal fabrication technique for products with complex structure, but also a reliable post-treatment method. The individual effect of the HIP or HIP post-treatment (HIPPT) on the mechanical properties of powder compacts have been investigated, but little attention has been paid to their combined effect. In this study, the effect of HIPPT on the densification, microstructure and mechanical properties of HIPed powder compacts were investigated. The relative density shows a regional increase after HIPPT. The interlayer spacing of lamellar α phase is increased, equiaxial grains are coarsened and high-angle grains are decreased. Moreover, an obvious increase in elongation is detected, which demonstrates that HIPPT is beneficial to improve the properties of HIPed powder compacts.