Abstract: Comparing with traditional smelting technology, the powder metallurgy technology to prepare stainless steel had low cost advantage, and the parts produced by the technology are near to net shape and have fairly high dimensional accuracy. The research progresses of preparing stainless steel by powder metallurgy technology in recent years are introduced, including the progress of sintering theory, forming and sintering technology, and the additives improving the microstructure and property of stainless steel. Finally, combining with the application status of powder metallurgy stainless steel, the focus of attention direction are proposed for the future research.