A powder coating material for providing a crepe-like coating having a uniformly and densely distributed superior anesthetic appearance and having a high corrosion resistance, is capable of forming color distinct ridges and valleys in the wrinkle profile of the coating layer. The powder coating material consists of a co-milled powdery product, of which the particle sizes are not higher than 105 .mu.m, and which is composed of (A) 95-99.5 parts by weight of a first resin component comprising a thermosetting resin which is solid at room temperature and (B) 5-0.5 parts by weight of a second resin component comprising a thermosetting resin which is solid at room temperature and contains 3-8% by weight of a cellulose ester. The powder coating material is prepared by co-milling pelletized resin products of the components (A) and (B).