Abstract: Fe-based alloy powder suitable for manufacturing sintered products with excellent corrosion resistance for example, which comprises by weight percentage of not more than 0.03% of C; not more than 2% of Si; not more than 0.5% of Mn; from 8 to 28% of Ni; from 15 to 25% of Cr; from 3 to 8% of Mo; optionally at least one of not more than 5% of Cu; not more than 3 % of Sn; not more than 2% of Nb and not more than 2% of Ti; and the balance being Fe and incidental impurities. The Fe-based alloy powder is sintered in an inert gas such as Ar or H.sub.2, or in an atmosphere of N.sub.2 with pressure of 1 to 10 torr after being compacted. A sintered compact sintered in an atmosphere of N.sub.2 with pressure of higher than 10 torr and not higher than 200 torr is cooled at cooling rate of higher than 50.degree. C./min.