The invention discloses a powder metallurgy bearing material. The powder metallurgy bearing material is characterized by being composed of, by weight, 5.2-5.5 parts of tungsten, 2.1-2.3 parts of cobalt, 5.7-5.9 parts of nickel, 1.2-1.5 parts of titanium, 0.2-0.5 part of boron, 72-75 parts of ferrum, 3.2-3.5 parts of silicon, 1.2-1.4 parts of graphite, 1.7-1.9 parts of manganese, 5.2-5.6 parts of chromium, 2.3-2.5 parts of zinc stearate, 1.2-1.4 parts of microcrystalline wax, 0.4-0.5 part of tungsten carbide, 0.2-0.4 part of titanium carbide and 1-2 parts of auxiliary agents. The graphite is added to raw materials of the powder metallurgy bearing material, so that abrasion resistance and lubricity of a bearing are enhanced, and the bearing made of the powder metallurgy bearing material is compact in structure and good in microstructure, has very few holes, and has excellent structural rigidity, hardness, fatigue resistance and tensile strength; addition of the nickel enhances toughness and the elasticity modulus of alloy, thereby playing a prominent role in guaranteeing geometric stability of the bearing.