In this study, we investigate the effect of the duration of mechanical alloying on the microstructures and mechanical properties of ODS ferritic/martensitic steel. The Fe(bal.)-10Cr-1Mo pre-alloyed powder and Y₂O₃ powder are mechanically alloyed for the different mechanical alloying duration (0 to 40 h) and then constantly fabricated using a uniaxial hot pressing process. Upon increasing the mechanical alloying time, the average powder diameter and crystallite size increased dramatically. In the initial stages within 5 h of mechanical alloying, inhomogeneous grain morphology is observed along with coarsened carbide and oxide distributions; thus, precipitate phases are temporarily observed between the two powders because of insufficient collision energy to get fragmented. After 40 h of the MA process, however, fine martensitic grains and uniformly distributed oxide particles are observed. This led to a favorable tensile strength and elongation at room temperature and 650°C.