Oxide dispersion strengthened (ODS) steel is one of the most promising candidate structural materials for the high-temperature nuclear reactor application. In this study, two compositions of ODS steels (14Cr-ODS and 14Cr-Zr-ODS) were prepared to investigate the influence of Zr addition on the microstructures and mechanical properties of ODS steels. The microstructures, including dispersion morphology and crystal structures of oxide particles, particle-matrix interface coherency and particle-dislocation interactions, were characterized using TEM, HRTEM, and SEM, and the mechanical properties at room and high temperatures were measured using uniaxial tensile tests. Results show that Zr addition leads to the formation of finer precipitated particles, which was identified as rhombohedral Y4Zr3O12, with denser dispersion in the matrix. The calculation results reveal that the lattice misfit, ��, at the interface between particle and matrix increases as the particle size increases. In addition, the strength and elongation of ODS steels are improved with Zr addition due to the stronger interface bonding force between fine particles and matrix as well as the larger pinning effect of small particles to dislocation movements.