Silver alloys with tellurium, selenium and sulphur fulfil the conditions for the internal oxidation. Microstructure of these alloys consists of matrix (dilute solid solution) and particles of intermetallic compounds. Internal oxidation of ternary alloys is very similar to that of the binary alloys, but there are also distinctions in thermodynamics properties of alloying elements. At the direct oxidation of the particles of the intermetallic compound the phenomena of the selective oxidation was observed. Concentration of more reactive elements is increasing in the oxidized part of the particles of the intermetallic compound (Te in AgTeSe alloys). Therefore the precipitated oxides formed with diffusional internal oxidation are richer with less reactive alloying element (Se in AgTeSe alloy). In the precipitated oxide particles the concentration of selenium is more than twice higher than of tellurium.