The combination of warm compaction and die wall lubrication, called die wall lubricated warm compaction was used to make Fe-Ni-Cu-Mo-C powder metallurgy material. Results showed that the green density could be 7.38 g•cm-3 under the pressure of 700MPa at the temperature of 120°C. The sintered density could be 7.34 g•cm-3 and dimension change was 0.19% when sintered at 1200°C for 50 minutes. Both green density and spring back effect gradually increased as the compacting pressure rose. The relation between compacting pressure and green density could be described by Huang Pei-yun double logarithm equation. Different forming conditions effecting green density in turn from big to small were compacting pressure, lubrication, compacting temperature, mixing method and compacting speed.