The 9Cr-1Mo ferritic-martensitic ODS steel is a promising structural material for the next generation nuclear power plants including fast reactors for application in reactor vessels and nuclear fuel. The ODS steel was cooled down by furnace cooling, air cooling, oil quenching and water quenching, respectively, after normalizing it at 1150 °C for 1 h and then tempering at 780 °C for 1 h. It is found that grain size, a relative portion of ferrite and martensite, martensitic lath configuration, behaviors of carbide precipitates, and hardness of the ODS steel are strongly dependent on a cooling rate. The grain size and martensitic lath width become smaller with the increase in a cooling rate. The carbides were precipitated at the grain boundaries formed between the ferrite and martensite phases and at the martensitic lath interfaces. In addition, the carbide precipitates become smaller and more widely dispersed with the increase in a cooling rate, resulting in that the faster cooling rate generated the higher hardness of the ODS steel.