The addition of a large amount of alloying elements reduces the compactibility and increases the compacting pressure, thereby shortening the life of the compacting die and increasing the process cost of commercial PM steel. In this study, the characteristic changes of Fe-Mo-P, Fe-Mn-P, and Fe-Mo-Mn-P alloys are investigated according to the Si contents to replace the expensive elements, such as Ni. All compacts with different Si contents are fabricated with the same green densities of 7.0 and 7.2 g/cm3. The transverse rupture strength (TRS) and sintered density are measured using the specimens obtained through the sintering process. The sintered density tends to decrease, whereas the TRS increases as the Si content increases. The TRS of the sintered specimen compacted with 7.2 g/cm3 is twice as high as that compacted with 7.0 g/cm3.