In this paper, the microstructural evolution of P92 steel were studied in the viewpoint of degradation mechanism based on the creep rupture experiment results obtained at elevated temperature by means of macroscopic, metallographic, electronic microscope, energy spectrum, XRD and TEM examination. The results show that the decrease of mechanical properties of P92 steel is mainly due to the change of microstructure and the transformation of carbides, and there is definite relationship between microstructure evolution, mechanical properties and life loss of P92 steel. The results are beneficial to the further study of mechanism of high temperature creep rupture strength and microstructural evolution of heat-resistant steel. It also has important instructive significance to quantitative identification of scientific selection of materials.