Metal injection molding (MIM) is a net-forming technology for manufacturing miniature metal parts, which can improve the manufacturing accuracy of complex-shaped parts. In this study, aluminum stearate was used to modify the 17-4PH stainless steel powder, the binder was composed of (PMMA) and (PEG) with the volume ratio of 7:3. The effects of aluminum stearate surfactant amount on the feedstock viscosity, water debinding rate and thermal debinding shape were studied. The results showed that the coating of aluminum stearate breaks the agglomeration between the powders and decreases the viscosity of the feedstock. When the addition of aluminum stearate was 0.6wt% of the powder mass, the melt index, density and flexural modulus of the feedstock were 81.5 g/10 min, 5.44 g/cm3, and 1643Mpa, respectively, and the thermal debinding shape retention was the best of all debinded parts. However, too much aluminum stearate makes the feedstocks thicker and the green part weaker.