A novel PEG--based binder for metal injection molding (MIM) has been studied. The novel binder is made of high- density polyethylene (HDPE), polyethylene glycol (PEG), polymer W, stearic acid(SA) and dioctyl phthalate (DOP). The binder has strong adhesive to Fe-2Ni powder and high solid loading, and could easily mix with powders to obtain a homogeneous feedstock. The feedstock exhibits good molding behavior. The feedstock possesses pseudo plasticity and exhibits good rheological properties. The binder could easily be removed in a short time in ethanol without defects, and environmental concern associated with other solvents are avoided.