The invention relates to the field of powder metallurgy, and particularly relates to a powder metallurgy die of an efficient drainage structure. The powder metallurgy die comprises a lower die, an upper die and a forming cavity, wherein the forming cavity is a closed containing cavity which is formed in a way that the upper die and the lower die are closed, a water absorption passage and an air flow passage are arranged above the forming cavity, one end of the water absorption passage is communicated with the forming cavity, and the other end of the water absorption passage is communicated with the air flow passage. Moisture in the powder metallurgy die is blown out of the die under the action of air flow, so that water in the die is drained in time, and the drainage resistance of the water absorption passage is reduced; additionally, extruded water is reduced at a late stage of forming, so that residual water in the forming cavity and the water absorption passage can be actively absorbed under the absorption action of the air flow, the drainage time when a part is formed is greatly extended, the forming efficiency of the powder metallurgy die is improved, and the probability that the residual water drips on the formed part from the forming cavity and damages are caused when the die is opened is greatly reduced.