A metal powder for powder metallurgy contains Co as a principal component, Cr in a proportion of 10 to 25 mass %, Ni in a proportion of 5 to 40 mass %, at least one of Mo and W in a proportion of 2 to 20 mass % in total, Si in a proportion of 0.3 to 1.5 mass %, and C in a proportion of 0.05 to 0.8 mass %, wherein one element selected from the group consisting of Ti, V, Y, Zr, Nb, Hf, and Ta is defined as a first element, that is contained in a proportion of 0.01 to 0.5 mass %.