Near-net-shape forming of 316L stainless steel powder is investigated under hot isostatic pressing (HIPing). A stainless steel powder compact and an insert were encapsulated by a stainless steel container and hot isostatically pressed to produce an axisymmetric near-net-shape part. To simulate densification and deformation of a powder compact in the container during HIPing, the constitutive model of Abouaf et al., and that of McMeeking and co-workers were implemented into a finite element analysis. The thickness effect of the container on densification was also studied for the axisymmetric part during HIPing. Densification of a three-dimensional asymmetric part during HIPing was also investigated by comparing finite element calculations with experimental data by Eisen et al.