Metal injection molding is a growing technology for producing complex metallic components. Preparation of feedstock for metal injection molding is a very crucial step during this process. This is because the deficiencies in quality of the feedstock once made, cannot be corrected by subsequent processing steps. One of the challenges in producing the feedstock is its formulation. In this study, the effect of the percentage of carnauba wax along with other binder constituents of paraffin wax, polypropylene and stearic acid is investigated on the density, strength, hardness and rheological behavior of a part, made of 4605 low alloy steel powder using metal injection molding process. For this reason, six binder systems including paraffin wax, polypropylene and stearic acid having different percentages of carnauba wax have been produced. After preparation of the samples, tensile testing, Vickers hardness test, density and rheological behavior of the samples have been measured and compared. The results show that carnauba wax as a part of feedstock, has a positive effect on the strength and density while negative effect on the hardness of the final sintered part. Also with the increase in the percentage of the carnauba wax inside the polymer binder, the viscosity of the feedstock was reduced significantly.