The invention discloses a preparation method of bonding powder, which belongs to the technical field of powder metallurgy. The bonding powder is prepared by adding an adhesive agent to first-kind powder particles and second-kind powder particles and mixing the first-kind powder particles and the second-kind powder particles uniformly through an effective mixing technique. With the adoption of the preparation method, the flowability of a powder system which is high in graphite powder content and alloy powder content is improved substantially, the original powder which can not be pressed automatically can be pressed automatically, and the production efficiency is improved; component segregation is inhibited, the aspects of density consistency, the size stability and the like are improved significantly, and the product performance is improved; and due to the bonding powder, raised dust of graphite and alloy powder can be reduced substantially in a mixing process and post transportation and pressing links, and a working environment is improved.