The paper presents a detailed analysis of helium (He) bubble development in ODS-EUROFER steel caused by helium ion implantation in different regimes, with a particular attention to the role of the oxide nanoparticles in promoting the growth of He bubbles, helium accumulation and gas-driven swelling. The Transmission Electron Microscopy (TEM) characterization of steel samples implanted applying systematic variation of experimental parameters has allowed clarifying the trends of the bubble microstructure evolution depending on the implantation dose, flux, and sample temperature. It was found that in all investigated implantation regimes He bubbles formed both in the grain bulk and on various structural defects (dislocations, grain boundaries, oxide particles and carbide precipitates), but the sizes and densities of bubbles in different bubble populations were sensitive to particular irradiation conditions. In the majority of cases the main traps for implanted helium and the main contributors to the estimated swelling were bubbles associated with grain boundaries, though in some cases (high implantation dose or lower temperature) the bubbles in the grain bulk were competitive with the grain boundary bubble population. Oxide particles in ODS-EUROFER were found to be excellent nucleation sites for He bubbles and practically each observed particle hosted a single relatively large bubble, sometimes as large as the particle itself. However, the contribution of oxide-associated bubbles to the estimated swelling and He inventory was found to be minor as compared to other bubble populations because of a relatively low number density of nano-oxides. Comparison of ODS-EUROFER and EUROFER 97 samples implanted with He ions in identical regimes has demonstrated lower efficiency of ODS-EUROFER for accumulating implanted helium in bubbles and noticeably higher share of helium atoms trapped in the vacancy defects invisible by TEM.