For more than 60 years now, the nuclear power industry has relied on structural and pressure retaining materials generated via established manufacturing practices such as casting, plate rolling-and-welding, forging, drawing, and/or extrusion. During the past three years, EPRI has been leading the development and introduction of another established process, powder metallurgy and hot isostatic pressing (PM/HIP), for pressure retaining applications in the electric power industry. The research includes assessment of two primary alloys: 316L stainless steel and Grade 91 creep-strength enhanced ferritic steels, for introduction into the ASME Boiler and Pressure Vessel Code. Continuing DOE and EPRI research on other structural/pressure retaining alloys such as Alloy 690, SA 508 Class 1, Alloy 625, hard-facing materials, and others are also underway. This research will have a tremendous impact as we move forward over the next few decades on the selection of new alloys and components for advanced light water reactors and small modular reactors. Furthermore, fabrication of high alloy materials/components may require the use of new manufacturing processes to achieve acceptable properties for higher temperature applications such as those in Generation IV applications. Current research by EPRI and DOE will be reviewed and emphasis will be targeted at advanced applications where PM/HIP may be applied in the future.