The kneading process and formulations of feedstock obviously affect the quality of MIM products. In the present work, the rheological behaviour of the composite MIM feedstock, metal matrix (Cu) with few additions of ceramic powders (Al2O3), was measured by a selfdesigned/ manufactured simple capillary rheometer. Experimental results show that the distribution between powders and binder is more uniformly when blending time increased. Though high powder loading will increase the feedstock viscosity, the fluidity reveals relatively stable through the load curves of extrusion. Besides, the temperature-dependence of viscosity of the feedstock approximately follows an Arrehnius equation. Basing on Taguchi’s method, the kneading optimization conditions and the rheological model of the feedstock were established, respectively.