Disclosed is an iron-based powder for powder metallurgy, which is obtained by making a flowability improver particle containing 50-100% by mass of carbon black adhere to the surface of an iron powder particle through a binder. This iron-based powder for powder metallurgy is excellent in flowability, and can be uniformly filled into a thin-walled cavity. This iron-based powder for powder metallurgy can be compacted with high ejection force, while maintaining sufficient strength for a sintered body during a sintering process that follows the compaction process.