PURPOSE: To provide a process for producing an oxide dispersion strengthened alloy capable of suppressing anisotropy of mechanical characteristics.

CONSTITUTION: Metallic powder and oxide powder are agitated and mixed by a ball mill, by which the allayed powder dispersed with the oxide particles at an atom level in the metallic particles is obtd. The alloyed powder is solidified and integrated by hot working at a temp. at which the oxide precipitates or below and thereafter, the allayed powder is subjected to a heat treatment for precipitating the oxide. The alloyed powder may be subjected to plastic working at the temp. at which the oxide precipitates or below after the solidifying and integrating the powder and may then be heated to the recrystallization temp. or above and be subjected to an oxidation precipitation heat treatment.