The present disclosure provides a method for fabricating biocompatible orthopedic prosthesis such as acetabular socket and femoral head with highest possible mechanical properties, wherein the method can include the steps of: a) providing a composite material powder, and placing the composite material powder into a mold cavity b) applying uniform uniaxial pressure to the powder-filled mold cavity to cause the composite material powder to be compacted and formed into a green compact of acetabular socket or femoral head, and unloading the compact from the cavity d) pre-sintering the green compact to bond the compacted powder, thereby forming a intermediate solid compact e) machining the pre-sintered compact f) sintering the machined compact and g) polishing the machined compact to produce the acetabular socket or femoral head. The present disclosure further provides an apparatus for near net shape fabrication of acetabular socket and femoral head with patient-specific dimensions.