Provided is a mixed powder for powder metallurgy that combines all of the fluidity of the mixed powder, the ejection properties during compaction, and the compressibility of the green compact. A mixed powder for powder metallurgy comprises: an (a) iron-based powder; and a (b) lubricant, wherein the (b) lubricant consists of a low-melting-point lubricant having a melting point of 86 °C or less and a high-melting-point lubricant having a melting point of more than 86 °C, the low-melting-point lubricant has at least one selected from the group consisting of an amide group, an ester group, an amino group, and a carboxyl group, a ratio R1 of the low-melting-point lubricant to whole of the (b) lubricant is 5 mass% or more and less than 90 mass%, a ratio R2 of a mass of a (b2) free lubricant to a mass of a (b1) binding lubricant is 0 or more and 15 or less, where the (b1) binding lubricant is the (b) lubricant adhering to a surface of the (a) iron-based powder, and the (b2) free lubricant is the (b) lubricant not adhering to the surface of the (a) iron-based powder, and an amount R3 of the low-melting-point lubricant contained as the (b2) free lubricant is less than 0.10 parts by mass with respect to 100 parts by mass of the iron-based powder.