An internal oxidation method was applied to investigate the dispersion-strengthening of Pt-Ir-Zr alloy, and the thermodynamic condition was explored for this alloy. Scanning electron microscopy (SEM) was employed to analyze the internal oxidation morphologies. Combining with tensile strength, the optimal internal oxidation time was determined. The results show that oxidation of Ir and Zr will occur under the experimental condition, and the oxygen pressure of Zr is lower than that of Ir. The grain size of the alloy increases with the prolonging of time and remains stable when the oxidation time is up to 40 h. The tensile strength decreases exponentially with the increase of oxidation time. The time for optimal internal oxidation is 40 h at 1100 °C.