A multi-component polymer-coated molybdenum powder was chosen for selective laser sintering (SLS). A novel preparing method of polymer-coated molybdenum powder was presented. The effect of the process parameters on the part’s characteristics is investigated. Based on our study for dynamic laser sintering process of polymer-coated molybdenum powder, its laser sintering mechanism was reported as follows: at the early stage of laser sintering, the viscous flow is the major mechanism; during the laser sintering, the melting/solidification is the major mechanism. Furthermore, a model corresponding to the mechanism was discussed schematically, which could be used to explain the material migrating mode during laser sintering process.