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The coarse-grained new-generation Fe-Al-Y₂O₃-based oxide dispersion strengthened (ODS) alloys contain 5 vol.% homogeneously dispersed yttria nano-precipitates and exhibit very promising creep and oxidation resistance above 1000 °C. The alloy is prepared by the consolidation of mechanically alloyed powders via hot rolling followed by secondary recrystallization. The paper presents a systematic study of influence of rolling temperature on final microstructure and creep at 1100 °C for two grades (Fe-10Al-4Y₂O₃ and Fe-9Al-14Cr-4Y₂O₃ in wt%) of new-generation ODS alloys. The hot rolling temperatures exhibit a rather wide processing window and the influence of Cr-alloying on creep properties is evaluated as only slightly positive.