The solvent extraction of polyethylene glycol (PEG) by ethanol has been studied for the powder injection molded compacts of Sr-ferrite/PEG/carnauba wax/HDPE. The extraction rate of PEG is sensitively proportional to the solvent temperature whereas it is inversely proportional to the contents of PEG, the molecular weight of PEG. and the specimen thickness. The high extraction rate of PEG is achieved under the following conditions: solvent temperature of $70^{circ}C$, PEG contents of 30%, and PEG molecular weight of 400 g/mol. In the early stage of solvent extraction, the non-linear relationship between the extraction rate and the square root of the extraction time indicates that the extraction of PEG does not follow the Fickian behavior. At extraction times longer than 180 min. however, the extraction of PEG follows the Fickian behavior. The extraction fate of PEG by ethanol is about$1.0{ imes}10^{-6}g/cm^2sec$ enough for common applications.