Disclosed is a mixed powder for powder metallurgy including: (a) an iron-based powder containing Si in an amount of 0 mass % to 0.2 mass % and Mn in an amount of 0 mass % to 0.4 mass %, with the balance being Fe and inevitable impurities; and (b) an alloyed steel powder containing Mo in an amount of 0.3 mass % to 4.5 mass %, Si in an amount of 0 mass % to 0.2 mass %, and Mn in an amount of 0 mass % to 0.4 mass %, with the balance being Fe and inevitable impurities, wherein a ratio of (b) the alloyed steel powder to a total of (a) the iron-based powder and (b) the alloyed steel powder is from 50 mass % to 90 mass %, and a ratio of Mo to the total of (a) the iron-based powder and (b) the alloyed steel powder is 0.20 mass % or more and less than 2.20 mass %.