Ferritic steels are attractive as a candidate material for high temperature applications due to high thermal conductivity, low thermal expansion coefficient, and low cost compared to austenitic steels or Ni-based superalloys. Recently, Fe–Cr–Ni–Al–Mo(-Ti) ferritic alloys reinforced by B2-NiAl and/or B2-NiAl/L21-Ni2TiAl hierarchical precipitates has been reported to improve the microstructural stability and mechanical properties at elevated temperatures. In the present study, we attempted to further improve the mechanical properties of the Fe–Cr–Ni–Al–Mo(-Ti) alloys strengthened by B2/L21 hierarchically-structured precipitates via introducing fine Laves phases. Specifically, Zr, Hf and Ta elements, which is well known to form the Laves phases, were added into previously studied Fe–Cr–Ni–Al–Mo(-Ti) ferritic alloys. The present study reveals that the combination of Laves phases and B2/L21 precipitates is effective in enhancing the mechanical properties of Fe–Cr–Ni–Al–Mo(-Ti) ferritic alloys at room and 973 K