The powder metallurgy (PM) technique is suitable for mass production and is a well-established process for the low production costs of net-shaped products close to long series. The properties of the iron-based PM parts, such as strength, hardness, magnetic properties, impact, wear, and corrosion resistance, can be improved with adding various alloying elements. The desired surface performance can be achieved with various surface coating technologies. Recently, various coating techniques have been developed as discussed in the chapter. The alloying elements have a significant effect on the coating quality of the final product. Surface coating can be analyzed by examining the surface-coated powder metallurgy (PM) using infrared and Raman spectroscopy technique. This contribution focuses on the role of alloying elements on properties and coating technologies of powder metallurgy steels and Fourier transform infrared (FT-IR) and Raman spectroscopic applications on them.