The effects of several oxide species, such as Y:O3, ZrO: and MgO, and the thermomechanical treatment (TMT) after the mechanical alloying (MA) process on the strength properties of Fe-17%Cr ferritic ODS (oxide dispersion strengthening) MA materials were investigated. Y203 showed the most uniform dispersion of the finest particles among the above oxides, but the microstructural evolution during the TMT had a larger effect on the strengthening of the alloys than the fine and uniform dispersion of the Y203 particles had.