While oxide dispersion strengthening of Fe-based alloys has been actively studied, the theoretical investigation of dispersion strengthening in Ni-based alloys is still lacking. This study presents potential oxide candidates for oxide dispersion strengthened Ni-based alloys using density functional calculations. By comparing the formation and binding energies of various metal oxides and lanthanide oxides, we determined that the lanthanide oxides can be efficient oxide dispersion sources and have the potential to compete with yttrium oxides for Ni alloys. We also found that the vacancies in a Ni–lanthanide oxide system play an important role in stabilizing nuclei formation process.