This study prepared a reduced activation single-phase Co-free Cr0.8FeMn1.3Ni1.3 high-entropy alloy (HEA) through arc melting, which exhibits great potential as a radiation-resistant material. The microstructural evolution and mechanical property changes of the alloy after prolonged aging at temperatures of 300, 500, and 700 °C were systematically studied using scanning and transmission electron microscopy (SEM/TEM/STEM) and electron probe microanalysis (EPMA) techniques. The results reveal that the alloy forms a single-phase FCC solid solution following cold deformation and subsequent recrystallization annealing. After prolonged aging at 300 °C for 1500 h, the microstructure of the alloy remains stable, maintaining a single-phase structure with minimal changes in mechanical properties. After aging at 500 °C for 1500 h, the alloy undergoes complex phase decomposition, giving rise to tetragonal σ-FeCr and L10-NiMn phases, along with minor amounts of Cr-rich BCC and Fe-rich FCC phases. During this stage, the interfaces between σ-FeCr and L10-NiMn phases undergo amorphization, leading to room-temperature embrittlement of the alloy. Following aging at 700 °C for 1500 h, the alloy precipitates the Cr-rich BCC phase, forming a dual-phase microstructure, resulting in increased tensile strength and reduced ductility. This study discloses the thermal stability of Cr0.8FeMn1.3Ni1.3 HEA through extended aging at 300 °C and 500–700 °C for up to 300 h, simultaneously providing reference values for evaluating the stability of other HEA systems. The occurrence of complex phase decomposition significantly impacts the mechanical properties of HEAs, necessitating cautious evaluation of their application potential.