The invention provides a preparing method for an oxide dispersion strengthening iron-cobalt-nickel medium-entropy alloy. A dispersion strengthening phase is yttrium oxide. Ferric trichloride hexahydrate serves as an iron source, cobalt chloride hexahydrate serves as a cobalt source, nickel chloride hexahydrate serves as a nickel source, yttrium nitrate hexahydrate serves as a yttrium source, a sodium hydroxide solution serves as a precipitator, and iron, cobalt, nickel and yttrium ions generate corresponding hydroxide coprecipitation. Then, obtained precipitation is washed, dried and roasted,and ferric hydroxide, cobaltous hydroxide, nickelous hydroxide and yttrium hydroxide in the precipitation are decomposed into corresponding oxide. The roasted oxide powder is subjected to high-temperature reducing in the hydrogen atmosphere, and since yttrium oxide cannot be reduced, the mixture powder of iron, cobalt, nickel and yttrium oxide is finally obtained. The obtained powder is sintered,and the oxide dispersion strengthening iron-cobalt-nickel medium-entropy alloy is obtained.