Two powder metallurgical fabrication methods for a zirconium-based cermet nuclear dispersion fuel with oxide microspheres have been demonstrated. A multi-pass, cold-drawing process is shown to have excellent capability to control the final matrix density, though it requires several high-temperature anneals during fabrication to relieve strain hardening and increase matrix-particle bonding. Severe oxide particle damage was observed in the cold-drawn fuel pin and was likely a result of high matrix deformation resistance at room temperature. A single-pass, hot-extrusion process has been demonstrated and was shown to be capable of providing a dense matrix phase with less particle damage. Both processes were shown to be effective fabrication methods for a zirconium-based cermet, and the process variables may be controlled to create the desired fuel properties.