Recently, Al-containing refractory high/medium-entropy alloys (RH/MEAs) have attracted special attention from materials scientists worldwide. Some of these alloys demonstrated an excellent combination of high-temperature strength and room-temperature tensile ductility provided by the formation of a structure consisting of body-centred cubic (bcc) matrix and B2 nanodomains/particles. However, oxidation resistance and phase stability, and, more importantly, the resulting mechanical properties of the Al-containing RH/MEAs, which are critical characteristics for high-temperature structural materials, remain unexplored. Herein, these aspects were extensively investigated for the Al7.5(NbTiZr)92.5 (in at%) alloy having an initial bcc + B2 structure. The alloy was subjected to long-term (500 h) annealing or oxidation tests at 600, 700, and 800 °C followed by the evaluation of mechanical properties during uniaxial tension at 22 and 600 °C. Microstructural studies of the specimens exposed to long-term annealing showed the formation of Zr5Al3 particles that precipitated along the grain boundaries and within grain interiors. The volume fraction of these particles was the highest (∼16 %) after annealing at 600 °C and the lowest (∼0.5 %) after annealing at 800 °C. Oxidation tests revealed that the alloy was prone to pesting phenomena, which intensified with the temperature. The alloy could sustain pesting only up to 10 h at 600 °C, while it experienced a complete disintegration into powder after 5 h at 800 °C. The poor oxidation resistance originated from the formation of volumetric, non-protective (Al,Nb,Ti,Zr)O4 oxide. While insignificantly affecting the strength, long-term annealing or oxidation deteriorated the ductility of the Al7.5(NbTiZr)92.5 alloy both at 22 and 600 °C. The Zr5Al3 phase embrittled the alloy after long-term annealing at 600 or 700 °C, but marginally reduced the ductility in the 800°C-annealed specimens due to the low volume fraction and relatively homogeneous distribution of this phase. The oxidation for 1 h decreased the room-temperature ductility owing to the premature macroscopic localisation of plastic deformation induced by synergistic effects from the volumetric (Al,Nb,Ti,Zr)O4 oxide. This study highlights the necessity for the examination of a set of properties of promising RH/MEAs to critically assess perspectives of these alloys to find applications as new high-temperature materials in aircraft and aerospace sectors.