Powder forming, once considered a laboratory curiosity, has evolved into a manufacturing technique for producing high-performance components economically in the metal-working industry because of its low manufacturing cost compared with conventional metal-forming processes. Generally, the powder-forming process consists of three steps: (1) compacting a precise weight of metal powder into a “green” preform with 10–30% porosity (defined by the ratio of void volume to total volume of the preform); (2) sintering the preform to reduce the metal oxides and form strong metallurgical structures; (3) forming the preform by repressing or upsetting in a closed die to less than 1% residual porosity. Powder forming has disadvantages in that the preform exhibits porosity. Because of this porosity, the ductility of the sintered preform is low in comparison with wrought materials. In forging compacted and sintered powdered-metal (P/M) preforms, where large amount of deformation and shear is involved, pores collapse and align in the direction perpendicular to that of forging and result in anisotropy. However, repressing-type deformation, where very little deformation and shear are present, does not lead to marked anisotropy. A low-density preform will result in more local flow and a higher degree of anisotropy than will a preform of high initial density. These anisotropic structures can lead to nonuniform impact resistances of the forged P/M parts. Also, in forming of sintered preforms, materials are more susceptible to fracture than in forming of solid materials, and the analysis is of particular importance in producing defect-free components by determining the effect of various parameters (preform and die geometries, sintering conditions, and the friction conditions) on the detailed metal flow. In this chapter, the plasticity theory for solid materials is extended to porous materials, applicable to the deformation analysis of sintered powdered-metal preforms. In characterizing the mechanical response of porous materials, a phenomenological approach (introducing a homogeneous continuum model) is employed. For the finite-element formulations of the equilibrium and energy equations based on the infinitesimal theory, the following assumptions are made: the elastic portion of deformation is neglected because the practical forming process involves very large amounts of plastic deformation; the normality of the plastic strain-rates to the yield surface holds; anisotropy that occurs during deformation is negligible; and thermal properties of the porous materials are independent of the temperatures.