The preparation method of oil perforating bullet body by repressing and resintering powder is introduced. The influence of pressing pressure, time of holding pressure, forming way on texture and density distribution are studied. The results show that when the initial pressure is 600 MPa and repressing pressure is 800 MPa, the compaction structure and density is appropriate. When the compaction density exceeds 7.4 g/cm³, it does not increase with the pressure addition. High density powder metallurgy bullet body that has a certain density gradient distribution can be acquired by adopting extrusion strengthening compact compensation process, the average density of bullet body reaches 7.3 g/cm³, tensile strength and elongation are 647 MPa and 3.78％ respectively. The implosion contrasting results of different bullet body indicate that the penetration value and aperture of powder metallurgy bullet body exceeds the standard value on steel target and concrete target, the penetration value is higher than that of 20＃ steel bullet body and has a prominent debrital property.