The microstructure, the corrosion behavior and the oxide properties were examined for Zr-1.5Nb-0.4Sn-0.2Fe-0.1Cr (HANA-4) alloys which were subjected to two different final annealing temperatures: $470^{circ}C$ and $570^{circ}C$. HANA-4 was shown to have $ss$-enriched phase with a bcc crystal structure and Zr(Nb,Fe,Cr)$_2$ with a hcp crystal structure with $ss$-enriched phase being more frequently observed compared with Zr(Nb,Fe,Cr)$_2$. The corrosion rate of HANA-4 was increased with an increase of the final annealing temperature in the PWR-simulating loop, $360^{circ}C$ pure water and $400^{circ}C$ steam conditions, which was correlated well with a reduction in the size of the columnar grains in the oxide/metal interface region. The oxide growth rate of HANA-4 was considerably affected by the alloy microstructure determined by the final annealing temperature.