Due to excellent properties such as high melting point, high strength, high hardness and high thermal conductivity, the molybdenum (Mo) and its alloys are widely used in aerospace, nuclear energy, electronics and chemical engineering. However, the material also has some inherent defects, such as insufficient high-temperature strength, low room temperature ductility, low recrystallization temperature and poor radiation resistance, etc. Various methods were researched to improve the material performances, and dispersed second phase particles is a simple and efficiency one. This article reviews the researches on the effects of different metal carbides and oxide strengthening phases on the microstructure and mechanical properties of Mo alloys. The influences of particle morphology, size distribution, volume fraction of oxides and carbides and interface structure with molybdenum matrix on the mechanical properties of molybdenum alloys were analyzed. The characteristics of different doping techniques to obtain high-performance molybdenum alloys were discussed, and the challenges and opportunities of dispersion strengthened molybdenum alloys in industrial applications and production were elaborated. This article aim to provide scientific basis for the design of dispersion strengthened molybdenum alloys, and expand the application of Mo alloys in various fields.