Abstract: A process for producing an oxide dispersion strengthened heat resisting powder metallurgy alloy, characterized in that (1) zirconium and/or a rare earth element, such as yttrium, cerium, or lanthanum, are previously added as an oxide former element to a molten mother alloy, (2) an atomizing gas composed of an argon or nitrogen gas containing not more than 5.0% by volume of oxygen is used in the step of gas-atomizing the molten mother alloy, and (3) in the step of consolidating and molding the gas-atomized alloy powder by rolling, forging, HIP, or hot extrusion, the alloy powder is sieved to a particle diameter of not more than 110 .mu.m before this step. The oxide dispersion strengthened heat resisting powder metallurgy alloy is characterized in that (1) zirconium and/or a rare earth element, such as yttrium, cerium, or lanthanum, are contained in an amount of 0.05 to 3.0% by weight and (2) the powder metallurgy consolidated, molded product prepared by consolidation of the powdery metallurgy alloy contains 0.