In this study, we investigate the deformation behavior of Hf_44.5Cu₂₇Ni1_3.5Nb₅Al₁₀ metallic glass powder under repeated compressive strain during mechanical milling. High-density (11.0 g/cc) Hf-based metallic glass powders are prepared using a gas atomization process. The relationship between the mechanical alloying time and microstructural change under phase transformation is evaluated for crystallization of the amorphous phase. Planetary mechanical milling is performed for 0, 40, or 90 h at 100 rpm. The amorphous structure of the Hf-based metallic glass powders during mechanical milling is analyzed using differential scanning calorimetry (DSC) and X-ray diffraction (XRD). Microstructural analysis of the Hf-based metallic glass powder deformed using mechanical milling reveals a layered structure with vein patterns at the fracture surface, which is observed in the fracture of bulk metallic glasses. We also study the crystallization behavior and the phase and microstructure transformations under isothermal heat treatment of the Hf-based metallic glass.