The current status and prospects of powder forging for producing structural engineering parts are discussed. The causes of the reduced scope of research in the field of powder forging in 1990–2010, as well as the advantages and disadvantages of the process, are analyzed. The method makes it possible to produce high-dense materials for high-stress applications. The complexity of parts’ shape is limited by the performances of hot-forging equipment in use. The need for substantial capital expenditures for basic and auxiliary equipment is the critical area of the process, so powder forging would not be appropriate for mass production of parts. Promising areas for the development of powder forging are identified.