Sintered P/M connecting rod is forged to increase density and to satisfy dimensional specifications. Flow of the materials is different form that of wrought materials due to pores in the preform. The Mises yield function was modified to. include the first invariant of stress tensor, and the associated flow rule was derived by applying the normality rule to the yield function. Axisymmetric and plane-strain finite element analyes were carried out for the ring and beam portions of the connecting rod, respectively. The flow of the preform and density change of the analysis are presented in this paper. A load-stroke curve was also presented by superimposing analysis results for the ring and beam portions.