Specimens of the nickel-base superalloy NiCr22Co12Mo9 (corresponding to Inconel 617) are thermally fatigued with a constant minimum temperature Tmin = 473 K and maximum temperatures Tmax = 873, 1123, 1323, and 1473 K. Cyclic hardening is observed in tests with Tmax ≦ 1323 K, whereas cyclic softening occurs in tests with Tmax = 1473 K. Coherent and incoherent γ′-precipitates develop during cycling with Tmax = 873 K. In all experiments with Tmax ≦ 1323 K the major secondary precipitates are found to be M23C6 carbides. In tests with Tmax = 1323 K, carbide bands are produced in former twin areas. Almost no carbides are observed after thermal cycling with Tmax = 1473 K. The thermal cyclic deformation behaviour of the material is discussed taking into account the occurring precipitation features and other microstructural changes. A model to explain the development of carbide bands is suggested.