Austenitic oxide-dispersion-strengthened (ODS) stainless steel was fabricated using a wet mixing process without a mechanical milling in order to reduce contaminations of impurities during their fabrication process. Solution of yttrium nitrate was dried after a wet mixing with 316L stainless steel powder. Carbon and oxygen contents were effectively reduced by this wet processing. Microstructural analysis showed that coarse yttrium silicates of about 150 nm were formed in austenitic ODS steels with a silicon content of about 0.8 wt%. Wet-processed austenitic ODS steel without silicon showed higher yield strength by the presence of finer oxide of about 20 nm.