The oxide dispersion strengthened (ODS) steel with the nominal composition of Fe–14Cr–2W–0.3Ti–0.2V–0.07Ta–0.3Y 2 O 3 (wt%) was fabricated by mechanical alloying and hot isostatic pressing (HIP). In order to optimize the relative volume fraction of secondary phases, the as-HIPed ODS steel was annealed at 800 °C, 1000 °C, 1200 °C for 5 h, respectively. The microstructures and different secondary phases of the as-HIPed and annealed ODS samples were identified by scanning electron microscopy (SEM), transmission electron microscopy (TEM), and X-ray diffraction (XRD). The tensile properties of all the ODS steels at room temperature were also investigated. The results indicate that annealing is an effective way to control the microstructure and the integral secondary phases. The annealing process promotes the dissolution of M 23 C 6 particles, thus promoting the precipitation of TiC. No obvious coarsening of Y 2 Ti 2 O 7 nanoparticles can be observed during annealing. The tensile results indicate that the annealed ODS sample with the optimized secondary phases and high density possesses the best mechanical properties.