In Semi-Solid Forging, it is necessary to control the forming variables accurately in order to make near-net-shape products. Generally, the defects of products may occur due to liquid segregation which can be caused by the degree of deformation and strain rate, and condition of friction in Semi-Solid Forging, where the segregation is to be predicted by flow analysis. This paper presents the feasibility of theoretical analysis model using the new yield function for compressible P/M materials which is proposed by Doraivelu et at. to the flow analysis of the semi-solid dendritic Sn-15％Pb alloys instead of adopting the yield criterion of Shima and Oyane which is used by Charreyron and Flemings. The simple compression process is taken into consideration as the model to confirm the usefulness of the adopted yield function. The distribution of the liquid fraction at various strains and strain rates in radial direction, and the influence of friction are estimated by upper-bound method.