Fe-4Ni-0.5Mo-1Cu powder was selected as raw material, pressed and sinter-hardened at for 30 min with rapid cooling. The density varies in the range of . Its fatigue properties have been tested in axial loading of alternating tensile/compressive stress at R=-1 with a servo-pulse pump. The fatigue endurance limit was measured to be 260 MPa. The microstructure showed more homogeneous bainite and martensite. Fractography displayed the fatigue cracks initiated from the pore areas near the surface. A non-typical ductile fatigue striation was found. More dimples occurred on fracture surface due to the plastic deformation, which can prohibit cracking propagation and improve its fatigue properties.