When a powder material (5) is molded by introducing the material into a cavity (11) between a lower punch (2) and a die (1), compression molding the material between upper and lower punches (3 and 2) into a compact (51) of desired shape, and moving up the lower punch (2) to eject the compact (51), a lubricant is applied to the interior surface of the die (1) by fitting a pad (24) around the lower punch (2) and impregnating the pad with the lubricant. Since the lubricant is applied on every molding operation, molding operation can be continuously carried out.