Herein, Al2O3 and TiO2 particles are introduced into the 5Cr13 high‐carbon martensite stainless steel, aiming to improve its mechanical properties and cold‐deformation ability. The results prove that the introduced oxide particles lead to enlarged equiaxed zone of the ingot, together with refinement in its columnar and equiaxed dendrites. They exist in the form of fine nanoparticles and serve as crucial heterogeneous nuclei to refine the austenite grains and martensitic microstructures of the steel. Then the oxide‐added 5Cr13 steel exhibits higher hardness and better temper resistance, as well as good impact toughness. Accordingly, the use of the present master alloy provides a great convenience for the mass production of high‐performance steels in the future.