Phosphorus is an element that plays many important roles in powder metallurgy as an alloy element. The purpose of this study is to investigate the influence of phosphorus addition on the microstructures and mechanical properties of sintered low-alloy steel. The sintered low-alloy steels Fe-0.6%C-3.89%Ni-1.95%Cu-1.40%Mo-xP (x=0, 0.05, 0.10, 0.15, 0.20%) were manufactured by compacting at 700 MPa, sintering in H2-N2 at 1260℃, rapid cooling, and low-temperature tempering in Ar at 160℃. The microstructure, pore, density, hardness, and transverse rupture strength (TRS) of the sintered low-alloy steels were evaluated. The hardness increased as the phosphorus content increased, whereas the density and TRS showed maximum values when the content of P was 0.05%. Based on microstructure observation, the phase of the microstructure changed from bainite to martensite as the content of phosphorus is increased. Hence, the most appropriate addition of phosphorus in this study was 0.05%.