Microwave pressureless sintering (MPS) method is successfully applied in the fabrication of Cu based metallic matrix for diamond tools. The main purpose of this work is to obtain better mechanical properties when the metal binder of the diamond tools was prepared by the MPS method. The orthogonal experimental method is adopted to design the sintering process parameters. The optimized experimental conditions are suggested as 880 °C of sintering temperature, 375 MPa of cold pressure, and 35 min of withholding time. The contrastive investigation of the MPS and conventional pressureless sintering (CPS) are performed under optimized conditions. The microstructures information are obtained by scanning electron microscopy (SEM), X-ray diffraction (XRD), electron probe microanalysis (EPMA), and the necessary mechanical properties, such as relative density, hardness, and flexural strength are tested. Experimental results show that the MPS method, compared with CPS, can significantly improve the mechanical properties of the metallic matrix. The factors of relative density, hardness, and flexural strength increase 1.25%, 3.86%, and 6.28%, respectively. The possible sintering mechanism of the MPS method is also discussed. This work may provide a reference for the fabrication of metal-based diamond tools by microwave heating method.