The powder mixture for powder metallurgy includes a raw material powder, a binder, and a graphite powder, where the raw material powder contains an iron-based powder in a content of 90 mass % or more of the raw material powder, the graphite powder has an average particle size of less than 5 μm, a ratio in mass of the binder to the sum the raw material powder and the graphite powder is 0.10 mass % to 0.80 mass %, a ratio of mass of the graphite powder to the sum of mass of the raw material powder and mass of the graphite powder is 0.6 mass % to 1.0 mass %, surface of the raw material powder is covered with at least a part of the binder, and surface of the binder covering the surface of the raw material powder is covered with at least a part of the graphite powder.