An experimental study of the phase equilibria of the Ho-rich part of the Ho-Ir-O ternary system at 1073 K by means of x-ray diffraction, differential scanning calorimetry, and scanning electron microscopy has been carried out. Ho-hcp and four binary compounds, namely Ho3Ir, Ho5Ir2, Ho5Ir3, and Ho2O3, were identified in the Ho-Ir-O model alloys after long-term annealing (350–1220 h). No solubility of iridium in Ho2O3 oxide and Ho-hcp was observed. No ternary phase was found. Based on the experimental results, an isothermal section of the Ho-rich part of the Ho-Ir-O system at 1073 K was constructed. In addition, the microstructure of as-cast alloys was studied. An irregular eutectic consisting of faceted Ho-phase in Ho3Ir phase was observed in the alloys with Ho-hcp + Ho3Ir + Ho2O3 phase composition, and the temperature of the eutectic reaction Ho-hcp + Ho3Ir ↔ liquid was determined.