An iron-based powder for powder metallurgy effectively prevents agglomeration of a lubricant, has excellent flowability, can evenly fill thin-walled cavities, keeps the ejection force after formation low, and does not lower sintered body strength by adhering either or both of an alloy component and a cutting ability improving agent to the surface of iron powder with a binder that has a melting point of 150° C. or lower, adhering carbon black to the surface of the binder, and setting the amount of free binder to 0.02 mass % or less.