The invention discloses a 
metal injection molding (MIM) high-end cutter, 
metal powder and preparation method of the 
metal powder. The 
metal powder is prepared from the following 
raw material elementsin percentage by 
mass: 12.0-16.0% of Cr, 2.0-4.0% of Mo, 1.0-4.0% of W, 1.0-3.0% of V, 1.0-1.5% of Cu, 0.5-1.0% of Sn, 0.5-0.7% of Si, 0.5-1.5% of C, 72.0-81.5% of Fe. The 
metal powder is prepared through a water-gas combined atomization 
powder-preparing mode. The preparation method comprises the technical processes of medium-frequency induction melting of the 
alloy elements, water-gas combined atomization, 
vacuum drying, powder classification and screening, 
batch processing and the like. The prepared 
alloy powder has the advantages of uniform 
alloy composition, uniform organization structure,
fine powder granularity, reasonable powder distribution, good 
sphericity, low 
impurity content and the like, and can serve as a 
raw material of the MIM high-end tool to be widely applied.