In order to investigate the microstructure and mechanical properties of WC-10 wt% Co insert tool alloy fabricated by PIM (Powder Injection Molding) process, the feedstock of WC-10 wt% and wax used as a kind of binder were mixed together by two blade mixer. After injection molding, the debinding process was carried out by two-steps. First, solvent extraction, in which the binder was eliminated by putting the specimen into normal hexane for 24 hrs at $60^{circ}C$, and subsequently thermal debinding which was conducted at $260^{circ}C$ and $480^{circ}C$ for 6 hrs in the mixed gas of $H_2/N_2$, respectively. Meantime, in order to compensate the decarburization due to hydrogen, 1.2~1.8% of carbon was added to ensure the integrity of the phase. Finally, the specimens were sintered in vacuum under different temperatures, and the relative density of 99.8% and hardness of 2100 Hv can be achieved when sintered at $1380^{circ}C$, even the TRS is lower than the conventional sintering process.