Ir should be used as an effective oxygen diffusion barrier (ODB) for ultrahigh temperature structural materials since If exhibits extremely low oxygen diffusivity. Oxidation resistance of Ir is, however, not good due to formation of gaseous oxide, IrO3, over 1390K. In this study, the improvement of oxidation resistance was aimed through alloy design of alloying with Al. IrAl is expected to form a self-healing multifunctional layered structure composed of Ir layer as ODB and A12O3 layer as a protective oxide (PO) on the Ir layer. Ar arc-melted IrAl alloy was crushed into powder, followed by hot pressing and heat treatment to remove Ir formed by eutectic reaction. Oxidation behavior was measured using thermogravimetry (TG) and differential thermal analysis (DTA) under the conditions of (1) dynamic heating of 0.167K/s and (2) isotherms at 1273K to 1673K in O2 environment. It was found that oxidation resistance is much improved by alloying with At and that the designed structure (PO/ODB) is formed on the IrAl substrate. Compressive mechanical properties were investigated from RT to 1873K: both the strength as a function of normalized temperature and specific strength are higher than those of pure Ir, NiAl, TiAl and Ni3A1. IrAl is promising as a advanced smart coating material equipping good oxidation resistance as well as high temperature strength.