The effect of a metal mold on densification behavior of stainless steel 316L powder was investigated under warm isostatic pressing with a metal mold. We use lead as a metal mold and obtain experimental data of metal mold properties. To simulate densification behavior of metal powder, elastoplastic constitutive equation proposed by Shima and Oyane was implemented into a finite element program (ABAQUS) under warm die pressing and warm isostatic pressing with a metal mold. Finite element results were compared with experimental data for densification and deformation of metal powder under warm isostatic pressing and warm die pressing.