Alloy 617, Ni-22Cr-12Co-9Mo base oxide dispersion strengthened alloy was fabricated by using mechanical alloying, hot isostatic pressing and hot rolling. Uniaxial tensile tests were performed at room temperature and at $700^{circ}C$. Compared with the conventional Alloy 617, ODS alloy showed much higher yield strength and tensile strength, but lower elongation. Fracture surfaces of the tensile tested specimens were investigated in order to find out the mechanism of fracture mode at each test temperature. Grain adjustment during tensile deformation was analyzed by electron backscattered diffraction mapping, inverse pole figures and TEM observation.