The invention relates to oil field perforating bullet projectile body powder metallurgy material and a method for manufacturing the perforating bullet projectile body, belonging to the field of petroleum extraction machinery. The metallurgy material is composed of ferrous powder, copper powder, nickel powder, graphite powder and rare earth powder which are of different weight compatibility, mechanical mixing of the raw materials is carried out, and the materials are pressed and moulded by blank mold and processed into a cogged ingot of the projectile body by sintering; then certain density gradient is formed at different parts of the projectile body by secondary divided extrusion; activated sintering is carried out; finally precision mould pressing is carried out to realize near net shape, thus obtaining the oil field perforating bullet projectile body. In the invention, formula is reasonable, manufacturing technique is simple, the cost is low, the operation performance is good and the operation is reliable.