The present invention relates to a method for molding a powder mold product according to which a powder mold product of uniform quality can be molded with excellent productivity. The present invention includes the steps of: preparing raw material powder 3 (a preparing step); interposing a mold assembly-use lubricant between an outer circumferential face 12s of a first punch (a lower punch 12) and an inner circumferential face 10s of a die 10, the lower punch 12 and the die 10 in this state being relatively shifted to apply the mold assembly-use lubricant to the inner circumferential face 10s of the die 10 (an applying step); and packing the raw material powder 3 into a cavity, a powder mold product 100 being molded by the raw material powder 3 being pressed (a molding step). In the applying step, while the mold assembly-use lubricant is discharged from a supply port 12i provided to the lower punch 12 and the discharged mold assembly-use lubricant is collected from a drain port 12o provided to the lower punch 12, the mold assembly-use lubricant is applied to the inner circumferential face 10s of the die 10.