A new multi-functional binder with adhesive and lubricant effect was designed, and the thixotropic properties of the binder components and the resulting binder, the adhesive effect and compaction behaviour of the binder-treated powder were investigated. The results demonstrate that the thixotropic components in the binder are polyethylene wax and microcrystalline wax. With the increase of polyethylene wax content, the critical solid-liquid shear stress of binders decreases gradually. The main lubrication components in the low-pressure and high-pressure stages during the compaction process are found to be polyethylene wax and microcrystalline wax, respectively. The fine metal or graphite additives are effectively bonded on the surface of iron particles and filled in the pits. The green density reaches 7.25 g cm(-3) at 600 MPa when the content of polyethylene wax is 30%. From 400 to 750 MPa, the content of polyethylene wax corresponding to the minimum ejection pressure decreases from 20 to 0%.