The invention provides a press for powder metallurgy in which a die set installed between an upper ram and a lower ram of a main body of the press can be easily fixed or removed and the accuracy of the molded product is improved. An upper part of the lower ram to which a yoke plate of the die set is installed or is provided with a gap adjusting screw displaceable with thread engagement in vertical direction. A hydraulic actuator or other rotary driving device is fixed to a lower part of the lower ram. A driving shaft of the rotary driving device is connected to the gap adjusting screw by a connecting shaft which passes through an axial center of the lower ram. When the die set is installed in the main body of the press, the gap adjusting screw is retracted within the lower ram so as to assure a sufficient gap between the yoke plate and the lower ram. When insertion of the die set is completed, the gap adjusting screw is advanced forwardly to abut against the yoke plate and thus they can be assembled with a gap having no clearance approximating to zero.