High Nb-containing TiAl alloy with a nominal composition of Ti-45Al-8.5Nb-0.2W-0.2B-0.02Y (at %) was fabricated by metal injection moulding (MIM) technology with an improved wax-based binder. The critical powder loading and feedstock rheological behaviour were determined. The influence of sintering temperature on microstructures and mechanical properties of the sintered samples and their oxidation behaviour were also investigated. Results showed that a feedstock, with a powder loading of 68 vol % and good flowability, could be obtained by using the improved binder, and oxygen pick-up was lower than that of the sample prepared by using a traditional binder. The ultimate tensile strength (UTS) and plastic elongation of the sample sintered at 1480 °C for 2 h were 412 MPa and 0.33%, at room temperature, respectively. The 1480 °C-sintered sample consisted of γ/α2 lamellar microstructure with the average colony size of about 70 µm, and its porosity was about 4%. The sintered alloy showed better oxidation resistance than that of the cast alloy counterpart.