The Fe-based matrix powder preconditioning was prepared by ball-milling method. The effects of milling time on microstructure and sintering properties of the powder were systematically investigated by means of SEM, XRD, Rockwell hardness tester and universal testing machine. The results show that with the increase of the milling time, the micro-particles are well dispersed and uniformly distributed, and crystal size of powder is decreased continuously. When the milling time is up to a proper time, dynamic balance state forms between grain growth and grain size decrease, meanwhile sintering properties are the highest. When the milling time exceeds 12h, the sintering properties of the powder reduce, and the powder is easy to aggregate.