Two different warm compaction lubricants were used to prepare iron-base powder metallurgy material using warm compaction technique at different compaction temperatures and pressures. Effect of warm compaction on compact density was studied. Results show that under the conditions of compaction pressure of 610 MPa and compaction temperature of 140℃, an Fe-2%Cu-1%C powder metallurgy material with density up to 7. 18 g/cm3 and tensile strength up to 550 MPa can be obtained using warm compaction technique.