The application of innovative processing techniques to conventional raw materials can lead to new structural materials with specific mechanical and physical properties, which open up new possibilities of use in some areas of industry. The processing is enabled by powder metallurgy, which utilizes powders consisting of a metal matrix with dispersed stable particles achieved by mechanical alloying and their hot consolidation by rolling. New oxide dispersion strengthened (ODS) Fe-Al-based alloys are tested under different single and multiple thermomechanical treatments at different temperatures. The results show that new ODS alloys are significantly affected by the thermo-mechanical treatment, leading to microstructural changes. Their analysis is performed using different analytical methods such as optical microscopy, scanning electron microscopy and X-ray diffraction analysis. Keywords: ODS alloys, composite, steel, Fe-Al Uporaba inovativnih tehnik preoblikovanja na obi~ajnih materialih lahko privede do novih konstrukcijskih materialov s specifi~nimi mehanskimi in fizikalnimi lastnostmi, ki odpirajo nove mo`nosti uporabe v industriji. Metalurgija prahov omogo~a uporabo prahov s kovinsko osnovo z dispergiranimi stabilnimi delci, ki jih dobimo pri mehanskem legiranju in vro~i konsolidaciji z valjanjem. Nove zlitine Fe-Al, disperzijsko utrjene z oksidi (ODS), so bile preizku{ene pri razli~ni, eno-ali ve~stopenjski obdelavi pri razli~nih temperaturah. Rezultati ka`ejo, da ima termomehanska obdelava novih ODS zlitin mo~an vpliv, ki se vidi v spremembah mikrostrukture. Analiza je bila izvedena s pomo~jo razli~nih analitskih metod, kot so: svetlobna mikroskopija, vrsti~na elektronska mikroskopija in rentgenska difrakcijska analiza.