In this paper, we present an overview of the structure of a lab-built powered knee prosthesis and the control of it. We build a powered prosthesis prototype on the basis of previous researches and aim at obtaining the essential technology related with its control. We adopt the slider-crank mechanism with a DC motor as an actuator to manipulate the knee joint. We also build an embedded control system for the prosthesis with a 32-bit DSP controller as a main computation unit. We divide the gait phase into five stages and use a FSM (Finite State Machine) to generate a torque reference needed for each stage. We also propose to use a position-based impedance controller for driving the powered knee prosthesis stably. We perform some walking experiments at fixed speeds on a tread mill in order to show the feature of the built powered prosthesis. The experimental results show that our prosthesis has the ability to provide a functional gait that is representative of normal gait biomechanics.