A　kind　of　composite　material　of　316L　stainless　steel　and　Y2O3　partly　stabilized　zirconia　(Y-PSZ)　was　prepared　by　powder　metallurgic　process.　The　effects　of　the　content　and　size　of　316L　grains　on　the　microstructure,　relative　density　and　hardness　of　the　composite　were　investigated.　The　results　showed　that　the　relative　density,　shrinkage　ratio　and　HRC　value　of　the　sintered　samples　decreased　with　the　increase　of　316L　content.　When　the　content　of　316L　kept　constant,　the　relative　density,　shrinkage　ratio　and　HRC　value　of　the　sintered　samples　decreased　with　the　increase　of　316L　particle　size.　The　relative　density　value　was　in　the　range　from　92.5%　to　95.5%　in　the　present　research　conditions.