A comparative study of the effectiveness of carbide and oxide types of strengthening of V–Cr–Zr alloy was carried out by means of a comprehensive certification of structural-phase state parameters and measuring the mechanical properties characteristics. It has been shown that the use of chemical-heat treatment contributes to a significant increase in the thermal stability of the microstructure and mechanical properties of V–Cr–Zr alloy in comparison with carbide strengthening under the conditions of thermomechanical treatment. A controlled increase in the volume fraction of fine particles based on ZrO2, along with an increase in the concentration of oxygen in the solid solution, leads to a decrease in the rate of oxides coagulation and an increase in the thermal stability of high disperse heterophase structure. These effects contribute to the retention of high defect structural states with nonzero values of crystal lattice curvature even after high-temperature (0.67 Tmelt) anneals. The high efficiency of dispersion and substructural strengthening is a consequence of blocking dislocation slip by fine particles stabilized by oxygen in a solid solution.