Disclosed are a novel artificial joint alloy and a smelting process therefor, wherein the alloy can also be used for other medical human body implants. The novel artificial joint alloy is non-magnetic and non-toxic, with the properties thereof in other aspects being equivalent to those of cobalt-based alloys, and the alloy is easy to cast and forge and is still non-magnetic after being forged. Furthermore, due to a high pass rate of finished products, which is brought about by the use of less noble metal and ease of casting and forging, and a small consumption of energy sources and materials, the alloy is resource-saving and environmentally friendly, and has a sustainable development significance in the long run. Furthermore, all the constituent elements of the alloy have already been applied to existing artificial joint alloys for a long time, and thus, the usability thereof in medical human body implants no longer requires to be clinically verified.