An iron-based powder metallurgical composition is provided comprising an iron or iron-based powder and composite lubricant particles, with the composite lubricant particles comprising a core of 10-60% by weight of at least one primary fatty acid amide having more than 18 and not more than 24 carbon atoms and 40-90% by weight of at least one fatty acid bisamide, with the core having nanoparticles of at least one metal oxide adhered thereon. Further provided is a particulate composite lubricant as well as a method of preparing such lubricant.