A metal powder for powder metallurgy, comprising: Fe as a remainder; Ni in a proportion of 5 to 20 mass%; Si in a proportion of 0.3 to 5 mass%; C in a proportion of 0.005 to 0.3 mass%; Co in a proportion of 6 to 14 mass%, optionally Al in a proportion of 0.03 mass% or more and 5 mass% or less; optionally Cu in a proportion of 0.03 mass% or more and 5 mass% or less; optionally Cr in a proportion of 9 mass% or more and 15 mass% or less; optionally Mo in a proportion of 0.1 mass% or more and 6 mass% or less; optionally Mn in a proportion of 0.05 mass% or more and 1.5 mass% or less; optionally W in a proportion of 1 mass% or more and 4 mass% or less; optionally N in a proportion of 0.03 mass% or more and 1 mass% or less; optionally S in a proportion of 0.5 mass% or less; optionally B, Se, Te, Pd, wherein the content of each of these elements is less than 0.1 mass%; optionally O in a proportion of 0.8 mass% or less; and impurities; wherein a first element is contained in a proportion of 0.01 to 0.7 mass%, and a second element is contained in a proportion of 0.01 to 0.7 mass%, wherein the first element is selected from the group consisting of Ti, V, Y, Zr, Nb, and Hf, and the second element is selected from the group consisting of Ti, V, Zr, Nb, Hf, and Ta, and (i) has a higher group number in the periodic table than the first element or (ii) has the same group number and a higher period number in the periodic table than the first element; and wherein, in the case where the content of Si in the metal powder is less than 3 mass% and the content of Cr is less than 13 mass%, the content of Ni is 16 to 20 mass%. Fe as a remainder; Ni in a proportion of 5 to 20 mass%; Si in a proportion of 0.3 to 5 mass%; C in a proportion of 0.005 to 0.3 mass%; Co in a proportion of 6 to 14 mass%, optionally Al in a proportion of 0.03 mass% or more and 5 mass% or less; optionally Cu in a proportion of 0.03 mass% or more and 5 mass% or less; optionally Cr in a proportion of 9 mass% or more and 15 mass% or less; optionally Mo in a proportion of 0.1 mass% or more and 6 mass% or less; optionally Mn in a proportion of 0.05 mass% or more and 1.5 mass% or less; optionally W in a proportion of 1 mass% or more and 4 mass% or less; optionally N in a proportion of 0.03 mass% or more and 1 mass% or less; optionally S in a proportion of 0.5 mass% or less; optionally B, Se, Te, Pd, wherein the content of each of these elements is less than 0.1 mass%; optionally O in a proportion of 0.8 mass% or less; and impurities; wherein a first element is contained in a proportion of 0.01 to 0.7 mass%, and a second element is contained in a proportion of 0.01 to 0.7 mass%, wherein the first element is selected from the group consisting of Ti, V, Y, Zr, Nb, and Hf, and the second element is selected from the group consisting of Ti, V, Zr, Nb, Hf, and Ta, and (i) has a higher group number in the periodic table than the first element or (ii) has the same group number and a higher period (i) has a higher group number in the periodic table than the first element or (ii) has the same group number and a higher period number in the periodic table than the first element; and wherein, in the case where the content of Si in the metal powder is less than 3 mass% and the content of Cr is less than 13 mass%, the content of Ni is 16 to 20 mass%.