In order to analyze the densification behaviour of stainless steel powder compacts during hot isostatic pressing (HIP) at elevated temperatures, a power-law creep constitutive model based on the plastic deformation theory for porous materials was applied to the densification. Various densification mechanisms including interparticle boundary diffusion, grain boundary diffusion and lattice diffusion mechanisms were incorporated in the constitutive model, as well. The power-law creep model in conjunction with various diffusion models was applied to the HIP process of 316L stainless steel powder compacts under 50 and 100 MPa at $1125^{circ}C$. The results of the calculations were verified using literature data. It could be found that the contribution of the diffusional mechanisms is not significant under the current process conditions.