The invention relates to oxide-dispersion-strengthening ferrite / martensitic steel with the excellent high-temperature strength and the good oxidation resistance and a preparing method of the oxide-dispersion-strengthening ferrite / martensitic steel. The oxide-dispersion-strengthening ferrite / martensitic steel comprises 8% to 10% of Cr, 0.5% to 2% of W, 1.5% to 5.5% of Al, 0.1% to 0.4% of V, 0.1% to 0.5% of Mn, 0% to 1.0% of Zr, 0% to 1.0% of Hf and 0.25% to 0.5% of Y2O3. The content of C and the content of N are controlled to be lower than 0.1%, and at least one kind of the Hf and the Zr is contained; the oxygen content of atomized powder is controlled to be lower than 0.05 wt.%, the atomized powder with the particle size ranging from 50 meshes to 200 meshes is selected to be mechanically alloyed with Al powder, Zr powder, Hf powder and Y2O3 powder, and the size of obtained powder ranges from 90 micrometers to 200 micrometers; silicate glass is used for wrapping, compressing and molding, the pressure is started to be boosted to 120 MPa to 180 MPa at the temperature of 850 DEG C, a two-stage sintering manner in which the temperature ranging from 850 DEG C to 950 DEG C is kept for 1 hour and the temperature ranging from 1050 DEG C to 1150 DEG C is kept for 1 hour is adopted, the tensile strength of the finally-obtained ferrite / martensitic steel at the temperature of 700 DEG C ranges from 250 MPa to 320 MPa, and the ductility of the finally-obtained ferrite / martensitic steel at the temperature of 700 DEG C ranges from 18% to 32%; and the oxidation performance of the dispersion-strengthening steel is also greatly improved on the premise that the high-temperature strength and the high-temperature plasticity are guaranteed, and after 100-h oxidation is carried out at the temperature of 850 DEG C, the oxidation weight increase only ranges from 0.0327 mg / cm<3> to 0.098 mg / cm<3>.