This invention relates to a method of manufacturing an improved ferritic or martensitic alloy based on iron and chromium strengthened by a dispersion of oxides, commonly called an Oxide Dispersion Strengthened or ODS alloy, and, more particularly to a method of manufacturing a ferritic or martensitic ODS alloy with large grains based on iron and chromium which has a single phase ferritic or martensitic matrix having an isotropic microstructure and a grain size that is sufficient to guarantee mechanical strength compatible with a use of this alloy at high temperature and/or under neutron irradiation. According to the invention, the method comprises slow cooling of an austenite at a cooling rate less than or equal to the critical cooling rate for transformation of this austenite into ferrite.