Pre-alloyed Astaloy CrLTM (Fe-1.5 wt% Cr-0.2 wt% Mo), a commercial Fe-based alloy powder for high strength powder metallurgy products, was sintered and hot forged with additions of 0.5 wt% C and 0~2 wt% Cu. To investigate the influence of various Cu contents, the microstructural evolution was characterized using density measurements, scanning electron microscope (SEM) and electron backscatter diffraction (EBSD). Transverse rupture strength (TRS) was measured for each composition and processing stage. The correlation between Cu additions and properties of sinter-forged Fe-Cr-Mo-C alloy was discussed in detail.