AISI 4600 Iron powder was mixed with 0~1.0% phosphor as F$e_2$P powder and/or 0~0.8% carbon as graphite powder in rotating mixer. Mixed powder was pressed 800MPa in double-punch mould. Compacts were sintered at 115$0^{circ}C$for 30 min. in vacuum or mixed hydrogen and nitrogen gas. Sintered compacts were ground and polished, and etched by 2% nital etchant. The microstructure was observed by image analyzer and optical microscope. Density and microhardness were tested by ASTM B3l2 and Microvickers hardness tester. The results obtained were as follows : (1) As the amount of F$e_2$P powder increased, sintered microstructure showed more densified effect and the grain size was larger. (2) The shape of pore was rounded and the number of pore was decreased by F$e_2$P addition. But mean pore size was larger with F$e_2$P content. (3) Simultaneous alloying addition of F$e_2$P and graphite brought about larger grain growth than respective addition. (4) Sintering atmosphere did not affect the microstructure. (5) Hardness of sintered compact increased with phosphrous and carbon content.