Thermal stability of fine-crystal Cr-NbCr₂ alloy prepared by mechanical alloying and hot pressing was researched. The results show that the grain size of Cr matrix has a certain degree of growing up after the thermal exposure, while the particles size of Laves phase NbCr₂ has no obvious change due to its high thermal stability. At the same time, the dislocation in the Cr matrix and the stacking faults/twins in the Laves phase NbCr₂ particles appear in the as-thermally exposed microstructure because of the increase of the compressive stress between Cr matrix and NbCr₂ particles. The as-thermally exposed compressive strength is not lower than the as-hot pressed strength. The Cr-NbCr₂ alloy can still keep higher yield strength and plastic strain after thermal exposure from 800℃ to 1200℃ for 50h. However, the yield strength and plastic strain will decline obviously by further extending the thermal exposure time because of the increase of the grain size.