To provide a zirconium alloy which has excellent corrosion resistance over a using period in a commercial furnace and also has a reduced amount of hydrogen to be absorbed, and to contribute to the increase in the burnup of fuel and to the improvement of reliability.

In the zirconium alloy comprising, as alloy elements, tin, iron and chromium or the zirconium alloy comprising tin, iron, chromium and nickel, the average size of precipitates comprising iron and chromium lies in the range of 0.05 to 0.3 μm, desirably, in the range of 0.08 to 0.2 μm.