The improved nickel-base heat-resistant alloy consists of 13.1-15.0% Cr (all percentages that follows are by weight), 8.5-10.5% Co, 1.0-3.5% Mo, 3.5-4.5% W, 3.0-5.5% Ta, 3.5-4.5% Al, 2.2-3.2% Ti, 0.06-0.12% C, 0.005-0.025% B, 0.010-0.05% Zr and 1-100 ppm of Mg and/or Ca, in the optional presence of 0-1.5% Hf and/or 0-0.5% of at least one element of Pt, Rh and Re, with the remainder being Ni and incidental impurities. The alloy has high strength and high resistance to oxidation and corrosion at elevated temperatures and, hence, is suitable for use as a constituent material for machine parts that are to be exposed to elevated temperatures.