Oxide dispersion-strengthened (ODS) materials contain homogeneous dispersions of temperature-stable nano-oxides serving as obstacles for dislocations and further pinning of grain boundaries. The strategy for dispersion strengthening based on complex oxides (Y-Hf, -Zr, -Ce, -La) was developed in order to refine oxide dispersion to enhance the dispersion strengthening effect. In this work, the strengthening of EUROFER steel by complex oxides based on Y and elements of the IIIB group (lanthanum, scandium) and IVB group (cerium, hafnium, zirconium) was explored. Interparticle spacing as a dispersoid characteristic appeared to be an important factor in controlling the dispersion strengthening contribution to the yield strength of ODS EUROFER steels. The dispersoid size and average grain size of ODS EUROFER steel were altered in the ranges of 5–13 nm and 0.6–1.7 µm, respectively. Using this strategy, the yield strength of the prepared alloys varied between 550 MPa and 950 MPa depending on the doping element.