The microstructure, phase composition, and room-temperature mechanical properties of the corrosion-resistant Fe-20pctCr-5pctV alloy doped with nitrogen by high-temperature gas-phase nitriding under different conditions have been investigated. The nitriding of the Fe-20pctCr-5pctV alloy at T = 1223 K to 1373 K (950°C to 1100°C) and subsequent annealing at T = 973 K (700°C) lead to the precipitation of large vanadium nitride and disperse chromium nitride particles in the ferrite matrix. Such a treatment increases the strength of the Fe-20pctCr-5pctV alloy at room temperature by 1.6 times, while maintaining the adequate relative elongation. The alloy in the initial state and after nitriding is highly resistant to corrosion.