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A series of long-term high-temperature aging tests of ASME A335-P92 steel from 1,000 to 29,000 h at 650°C were carried out. The microstructure evolution of as-received and aging specimens at different stages was investigated using optical microscope observations, scanning electron microscope examinations, and TEM investigations. The static mechanical strength properties (yield strength/ultimate tensile strength) at room and 600°C test temperatures and the plastic performance (elongation/reduction in area) were also analyzed. The experimental results show that the Laves phase can be precipitated rapidly in the early aging period. After a certain aging period, the continuous precipitation of M23C6 and the relatively high coarsening rate of Laves resulted in a rapid decrease of room and high-temperature mechanical properties in the early aging period. However afterwards for the long aging time, a slow decline in tendency of mechanical properties was presented.