Fe-Ni-Mn based binder was prepared by powder metallurgy. The effects of different mass fraction of copper on the properties of Fe-Ni-Mn based binder were studied by electronic universal testing machine and impact testing machine. Results show that under the conditions of sintering temperature 850 to 880℃, pure-Co binder reaches its maximum forming density, which is 8.75 g/cm
3 and that under the same condition, the impact strengths of different brand Co binders are at their tops, namely 18.92 kJ/m
2 and 17.32 kJ/m
2. It is also found that when Cu content is 15wt% to 20wt%, the Fe-Ni-Mn based binder has better mechanical property with maximum bending strength of 1 202.19 MPa, 75% of that of pure-Co binder, and maximum impact strength of 9.73 kJ/m
2, 65.7% of that of pure-Co binder. In addition, increase of Cu content will promote a high-strength alloy to form inside the Fe-Ni-Mn based binder, thus quickly increasing the toughness of the matrix.