Axisymmetric forging of powdered-metal preforms was analyzed by the finite element method neglecting the effect of temperature on deformation. A remeshing program based on the area-weighted-average technique was developed and tested by simulating forging of the flange-hub shape. Then the analysis was performed for forging of a pulley blank. The detailed deformation characteristics for the different preform shapes under the two frictional conditions were obtained. A comparison between the prediction and the experiment regarding proper preform design to forge defect-free pulley blank demonstrates that the finite element analysis is useful for further developments in preform design in powdered-metal forging.