The Oxide Precipitation Hardened (OPH) steel is a new developed group of materials from Oxide Dispersion Strengthened (ODS) alloys which are well known advanced materials for high temperature properties. Besides, the corrosion resistance of these types of material is so important regarding to their practical usage. The production of OPH alloys, the same as ODS alloys, involves mechanical alloying process to create material with ductile matrix and hard oxide dispersion. Six variants of Fe-Al base OPH steel which developed and manufactured by the authors, were prepared with different chemical composition to evaluate the role of main component on the mechanical properties and corrosion resistance of new-developed OPH steels. The corrosion tests were done using potentiodynamic polarization methods. The results show that the Aluminum content has a main role both on mechanical properties and corrosion resistance.