IN740H, a Ni-based superalloy comprising a low-volume fraction of γ′, is a candidate material to be used over long periods at high temperatures and stresses, as conditions prevalent in advanced ultra-supercritical (AUSC) power plants. In this study, IN740H has been tested at temperatures above 700 °C to gain mechanistic insights into its high-temperature creep behavior. The material showed classic signatures of the presence of threshold stress, marked by observation of a high apparent creep stress exponent, n, (e.g., 10 at 750 °C) and a high apparent activation energy for creep, Qc (e.g., ∼545 kJ/mol), along with a rapid increase in n at lower stresses. Accounting for the threshold stress led to a decrease in the values of n and Qc to 4 and 280 kJ/mol, respectively. Furthermore, the transmission electron microscopy and atomic scale compositional analysis reveal the pinning of dislocations at γ-γ′ interface and segregation of Co, Cr and Mo atoms in the regions of γ-γ′ interface rich in dislocations. The above combination of n and Qc and the observation of dislocation pinning at the γ-γ′ interface indicate the dislocation climb over γ′ as the dominant creep mechanism in this γ′-lean Ni-based superalloy, with the detachment of dislocations from the γ-γ′ interface, augmented by the segregation of Co, Cr and Mo, as the mechanism responsible for the realization of the threshold stress. This work, thus, provides a new impetus to research on the long-term structural integrity of γ′-lean Ni-based superalloys exposed to extreme service conditions.