A new method, namely Metal Powder Extrusion & Stacking Modeling is proposed in this paper based on RP and Metal Injection Molding (MIM) principle. Stainless steel powder and thermoplastic paraffin wax-based binder are used in our experiment. Firstly, feedstock is generated by mixing power and binder in a rotor internal mixer. Then the granular feedstock is put into screw-extruder devices to extruded filament, and accumulating green part at atmospheric status. Finally, green part is thermal defatted and sintered in hydrogen atmosphere to product the sintered parts. The testing results are as follows. The density of our RP product is 73.75%. The average shrinkage rate is 7.51%, 18.00%, and 29.31%, for diameter, thickness and volume respectively. Brinell hardness is HB77.52, while bending strength is 457MPa and tensile strength is 163Mpa. The experimental results verify that our proposed method is promising.