Near net shape forming of 316L stainless steel powder was investigated under hot isostatic pressing. To simulate densification and deformation of a powder compact in a container during hot isostatic pressing, the constitutive model of Abouaf and co-workers was implemented into a finite element analysis. An optimal design technique based on the design sensitivity was applied to the container design during hot isostatic pressing. The optimal shape of the container was predicted from the desired final shape of a powder compact by iterative calculations. Experimental data of 316L stainless steel powder showed that the optimally designed container allowed precise forming of the desired powder compact during hot isostatic pressing.