Rheological characteristics of Sm-Co type plastic magnet compound for powder injection molding process were investigated with the variation of the magnetic powder size, their relative contents and volume fraction using the mixture of fine and coarse powder. Shear viscosity of Sm-Co type compound was decreased with increasing the size of coarse powder due to the increase of powder packing density. However, the smaller the average size of fine powder resulted in the higher viscosity of compound due to the increase of agglomeration force. In case of mechanically milled Sm-Co type powder, the viscosity of compound with the mixture of coarse powder of 125∼75 ㎛ and fine powder of average size of 4.9 ㎛ greatly depends on their relative contents and shows a minimum value at the 60 % coarse powder fraction. This means that the compound shows a maximum packing density at the 60% coarse powder fraction. Compound viscosities satisfied well the rheological model with the volume fraction of magnetic powder, and maximum volume fraction of magnetic powder in Sm-Co type compound for powder injection molding was about 66%.