The effect of the lubricant on the compaction behavior in warm compaction of iron powder was examined by using Cooper-Eaton equation. Particle rearrangement depends on the lubrication effect between powder particles and is more dominant on its compaction behavior than the plastic deformation of powder particles until 423K. The total fractional volume compaction calculated by this method corresponds to the measured density of the green compact. Therefore, this analytical method is available to evaluate the warm compaction behavior quantitatively.