Abstract: An Ni-based bearing alloy consisting, by weight, of 9-30% Cr, 5-19% Fe, 0.1-1.5% Si, 2-22% Co, 1.4-11.0% Mo, and the balance Ni and incidental impurities, said alloy having a matrix in which hard particles of a Co-Mo-Cr-Si alloy and/or BN are uniformly dispersed in weight ratios of 5 to 35% and not more than 5.0, respectively. The Ni-based alloy matrix provides superior heat resistance. Hard particles of Co-Mo-Cr-Si alloy uniformly dispersed in the matrix improve sliding characteristic with or without uniform dispersion of Bn as a solid lubricant, whereby the bearing alloy exhibits superior heat resistance and sliding characteristic when used in high temperature oxidizing atmosphere.