The application of warm compaction in stainless steel powders has not been formally reported by now. In this paper, the warm compacting behavior of 316L stainless steel powders had been studied. Results showed that warm compaction was effective in improving the green density and strength of 316L stainless steel powders. Under the compacting pressure of 800 MPa, warm compacted density was 0.20 g/cm3 higher than cold compacted one, and green strength was 52% higher. The optimum warm compacting temperature was 110±10°C. With die wall lubricated warm compaction, the internal lubricant content can be reduced by 0.5 wt%.