Disclosed is a ferritic Fe-Cr-Ni-Al alloy having excellent oxidation resistance and high strength, which consists essentially of, by mass, 0.003 to 0.08% C, 0.03 to 2.0% Si, not more than 2.0% Mn, from more than 1.0% to not more than 8.0% Ni, from not less than 10.0% to less than 19.0% Cr, 1.5 to 8.0% Al, 0.05 to 1.0% Zr, and the balance of Fe and incidental impurities, wherein an F value is not less than 12% and an S value is not more than 25%, where the F value is defined by the following equation (1) and the S value is defined by the following equation (2): (1) F=-34.3C+0.48Si-0.012Mn-1.4Ni+Cr+2.48Al, and (2) S=Ni+Cr+Al. The Fe-Cr-Ni-Al alloy, after an annealing heat treatment at 600 to 1050° C., has 0.2% yield strength of 550 to 1,000 MPa by a tensile test at room temperature.