A developed molybdenum hybrid-alloyed steel powder is based on a molybdenum prealloyed steel powder to which molybdenum powder particles are diffusion bonded. The sintered compact made of this powder has a finer pore structure than that of the conventional molybdenum prealloyed steel powder, because the ferritic iron phase with a high diffusion coefficient is formed in the sintering necks where molybdenum is concentrated resulting in enhanced sintering. The rolling contact fatigue strength of the sintered and carburized compacts made of this powder improved by a factor of 3.6 compared with that of the conventional powder due to the fine pore structures.