PROBLEM TO BE SOLVED: To provide iron-base mixed powder for powder metallurgy, improved in compaction density of a green compact, and at the same time significantly reduced in ejection force after the powder is compacted, by enhancing a flowability of the iron-base mixed powder using low alloy steel powder containing Mo and Mn, and thereby improved in density and strength of a sintered boy and reduced in a manufacturing cost. SOLUTION: In the iron-base mixed powder for powder metallurgy, containing iron-base powder as a main component, water atomized alloy steel powder including, as spare alloys, 0.3-1.0 mass% Mo and 0.1-0.25 mass% Mn in ratios to the entire iron-base mixed powder, and consisting of the balance Fe and inevitable impurities, is used as the iron-based powder. In the ratio to the entire iron-based mixed powder, 0.5-4.0 mass% Cu power, and 03-1.0 mass% graphite powder are contained in the iron-base mixed powder, and a flaky powder having a 100 μm or shorter average particle diameter in long diameters, a 10 μm or less thickness, and a 5 or more aspect ratio (the ratio of the long diameter to the thickness), is also added thereto in the range of 0.01-5.0 mass%. COPYRIGHT: (C)2012,JPO&INPIT