Oxide dispersion strengthened (ODS) alloys with Al and Zr addition have excellent radiation tolerance, high-temperature strength, and corrosion resistance. The 15Cr-Al-Zr-ODS alloys are processed by mechanical alloying (MA), hot isostatic pressing (HIP), subsequent hot rolling to large strains of 70%, and further annealing. The effect of hot rolling on the microstructure, and the properties of nanostructured 15Cr ODS alloys with Al and Zr addition, were investigated. The microstructure after hot rolling and annealing showed obvious anisotropy. The cubic texture (φ1 = 0°, Φ = 0°, φ2 = 0°) {0 0 1} <1 0 0> and brass-R texture (φ1 = 0°, Φ = 55°, φ2 = 45°) {1 1 1} <1 1 0> were observed. The similar size distribution of precipitates was obtained for the comparison of the hot rolling samples with the hot isostatic pressed samples, which can be attributed to excellent thermal stability. After hot rolling, the alloy showed higher yield strength but did not lose too much plasticity.