Zirconium alloy having high corrosion resistance and high strength

The invention presented herein relates to a zirconium alloy with superior corrosion resistance and high strength for use in fuel rod claddings, spacer grids and structural components in reactor core of light water and heavy water nuclear power plant.The zirconium alloy of this invention with superior corrosion resistance and high strength comprises an alloy composition as follows: niobium in a range of 0.15 to 0.25 wt. %; tin in a range of 1.10 to 1.40 wt. %; iron in a range of 0.35 to 0.45; chromium in a range of 0.15 to 0.25; one element selected from the group consisting of molybdenum, copper and manganese in a range of 0.08 to 0.12 wt. %; oxygen in a range of 0.10 to 0.14 wt. %; and the balance being zirconium.