The present invention provides a heat-resistant alloy and a reaction tube having excellent oxidation resistance, excellent mechanical properties such as tensile ductility, and weldability. A heat-resistant alloy of the present invention comprises, in terms of % by mass, C: 0.35% to 0.7%, Si: more than 0% and 1.5% or less, Mn: more than 0% and 2.0% or less, Cr: 22.0% to 40.0%, Ni: 25.0% to 48.3%, Al: 1.5% to 4.5%, Ti: 0.01% to 0.6%, and the balance being Fe and inevitable impurities, wherein when Pa=−11.1+28.1×C+29.2×Si−0.25×Ni−45.6×Ti, and Ya=−13.75×Al+63.75, Pa