Many efforts have been made recently in developing P/M connecting rod. As a result, some P/M forged connecting rods were put into practical usage. However, P/M forging process has a disadvantage in manufacturing insofar as; cost saving is concerned. The purpose of the present study is to develop as-sintered connecting rods for automobiles. As-sintered connecting rod was developed by the combination of a choice of high strength powder and an optimization of rod shape. Shape of connecting rod for as-sintered material was evaluated by Finite Element Method and rectangular beam with hollow was found to be suitable for powder material. Low alloy steel powder of 4100s which was manufactured by oil-atomized process was selected because of its high strength and good compressibility.Newly designed connecting rod was developed by the process of mixing the 4100s steel powder with graphite, compacting, sintering and machining, then the axial fatigue test was conducted. It was found that as-sintered connecting rod has the sufficient fatigue strength.