Stress distribution and interfacial debonding process at the interface between a rubber mold and a powder compact were analyzed during unloading under cold isostatic pressing. The Cap model proposed by Lee and Kim was used for densification behavior of powder based on the parameters involved in the yield function of general Cap model and volumetric strain evolution. Cohesive elements incorporating a bilinear cohesive zone model were also used to simulate interfacial debonding process. The Cap model and the cohesive zone model were implemented into a finite element program (ABAQUS). Densification behavior of powder was investigated under various interface conditions between a rubber mold and a powder compact during loading. The residual tensile stress at the interface was investigated for rubber molds with various elastic moduli under perfect bonding condition. The variations of the elastic energy density of a rubber mold and the maximum principal stress of a powder compact were calculated for several interfacial strengths at the interface during unloading.