An oxide dispersion-strengthened alloy, composed of an oxide containing one or more kinds of elements in an amount of 2 wt % or less selected from the group composed of titanium, zirconium and hafnium, chromium in an amount of 15-35 wt %, carbon in an amount of 0.01-0.4 wt %, molybdenum in an amount of 0.3-2.0 wt %, tungsten in an amount of 0.5-10 wt % and yttrium in an amount of 0.1-2.0 wt %, and the balance of substantially nickel, wherein an oxide containing yttrium is dispersed as particles in the matrix of the nickel alloy containing one or more kinds of elements selected from the group composed of titanium, zirconium and hafnium, chromium, carbon, molybdenum and tungsten.