Two kinds of oxide-dispersion-strengthened (ODS) 316L stainless steel were manufactured using a wet mixing process(wet) and a mechanical alloying method (MA). An MA 316L ODS was prepared by a mixing of metal powder and a mechanical alloying process. A wet 316L ODS was manufactured by a wet mixing with 316L stainless steel powder. A solution of yttrium nitrate was dried after being in the wet 316L ODS alloy. The results showed that carbon and oxygen were effectively reduced during the degassing process before the hydroisostatic process (HIP) in both alloys. It appeared that the effect of HIP treatment on increase in impact energy was pronounced in the MA 316L ODS alloy. The MA 316L ODS alloy showed a higher yield strength and a smaller elongation, when compared to the wet 316L ODS alloy. This seemed to be attributed to the enhancement of bonding between oxide and matrix particles from HIP and to the presence of a finer oxide of about 20 nm from the MA process in the MA 316L ODS alloy.