The invention aims to provide a binder for powder metallurgy, the binder containing an epoxy resin which is liquid at room temperature and a curing agent having at least one functional group selected from the group consisting of amino, mercapto and carboxyl groups. The binder involves few problems in point of workability and safety, suppress the scattering of graphite, and is superior in powder characteristics. The invention also provides a mixed powder for powder metallurgy using the binder and a method for producing the mixed powder.