Yttrium oxide is one of the most thermo-dynamically stable materials, so that it is generally used as a dispersoid in many kinds of dispersion strengthed alloys. In this study, a nickel-base superalloy is strengthened by dispersion of yttrium oxide particles. Elemental powders with the composition of Ni-22Cr-18Fe-9Mo were mechanically alloyed(M.A.) with 0.6 wt% $Y_2O_3$. The MA powders were then HIP(hot isotactic press)ed and hot rolled. Most oxide particles in Ni-22Cr-18Fe-9Mo base ODS alloy were found to be Y-Ti-O type. The oxide particles were uniformly dispersed in the matrix and also on the grain boundaries. Tensile test results show that the yield strength and ultimate tensile strength of ODS alloy specimens were 1.2~1.7 times higher than those of the conventional $Hastelloy^{TM}$ X(R), which has the same chemical compositions with ODS alloy specimens except the oxide particles.