Oxide-dispersion-strengthened (ODS) ferritic-martensitic steels are candidates for applications in fusion power plants where microstructural long-term stability at temperatures of [approximately]650°C to 700°C are required. The microstructural stability of 80% cold-rolled reduced-activation ferritic-martensitic 9% Cr ODS-Eurofer steel was investigated within a wide range of temperatures (300°C to 1350°C). Fine oxide dispersion is very effective to prevent recrystallization in the ferritic phase field. The low recrystallized volume fraction (<0.1) found in samples annealed at 800°C is associated with the nuclei found at prior grain boundaries and around coarse M23C6 particles. The combination of retarding effects such as Zener drag and concurrent recovery decrease the local stored energy and impede further growth of the recrystallization nuclei. Above 900°C, martensitic transformation takes place with consequent coarsening. Significant changes in crystallographic texture are also reported.