Provided is a mixed powder for powder metallurgy that contains a readily available compound as a lubricant, does not need to contain a stain-causing metal soap, has excellent ejection properties and compressibility, and can exhibit excellent fluidity without deteriorating the ejection properties or the compressibility even in the case of further containing carbon black. The mixed powder for powder metallurgy comprising an (a) iron-based powder and a (b) lubricant, wherein the (b) lubricant is an ester of disaccharide and fatty acid represented by R—COOH, and the R is an alkyl group having 11 or more carbon atoms or an alkenyl group having 11 or more carbon atoms.