Summary: Densification behavior of mixed copper and tool steel powder under cold compaction was investigated. By mixing the yield functions proposed by Fleck et al. and by Gurson for pure powder in terms of volume fractions of Cu powder and the fraction of contact, a new mixed yield function was employed for densification of powder composites under cold compaction. The constitutive equations were implemented into a finite element program (ABAQUS) to compare with experimental data and with results from the model of Kim et al. for densification of mixed powder under cold isostatic pressing and die compaction. Finite element calculations by using the yield functions mixed by the fraction of contact agreed better than those by volume fractions of Cu powder with experimental data.