The effect of rubber mold on densification behavior of pure iron powder was investigated under cold isostatic pressing. The thickness effect of rubber mold was also studied. The elastoplastic constitutive equation based on the yield function of Shima and Oyane was implemented into the finite element program(ABAQUS) to predict compaction responses of metal powder under cold isostatic pressing. The hyperelastic constitutive equation based on Moony-Rivlin and Ogden strain energy potentials was also employed to analyze deformation of rubber mold. The coefficients of the strain energy potentials were obtained from tension and volumetric compression data of rubber. Finite element results were compared with experimental data for densification of pure iron powder under cold isostatic pressing.