Powder injection molding (PIM) is a promising manufacturing technology for the net-shape production of small, complex, and precise metal or ceramic components. In order to manufacture high quality magnets using PIM, the magneto-rheological (MR) properties of the PIM feedstock, i.e. magnetic powder-binder mixture, should be investigated experimentally and theoretically. The current research aims at comprehensive understanding of the rheological characteristics of the PIM feedstock. The feedstock used in the experiment consists of strontium ferrite powder and paraffin wax. Steady and oscillatory shear tests have been carried out using a plate-and-plate rheometer, under the influence of a uniform magnetic field applied externally. Rheological properties of the PIM feedstock have been measured and characterized for various conditions by changing the temperature, the powder fraction and the magnetic flux density.