Dynamic characteristics of powder metal is very important to mechanical structures requiring high strength or endurance for impact loading. But owing to distinctive property of powder metal, that is relative, it has been investigated restrictively compared to static characteristics. The objectives of this study is to investigate dynamic characteristics of powder metal and compare it to a fully density material. To find the characteristics, an explicit finite element method is used for simulation of Split Hopkinson Pressure Bar experiment based on the stress wave propagation theory. We obtained a dynamic stress-strain relationship and dynamic behavior of powder metal, as well as the variation of material properties during dynamic deformation.