Nucleation, growth and coarsening of three different precipitates (NbC, M23C6 and V(C,N)) in a novel 9%Cr heat resistant steel designed by the authors were investigated. The microstructure evolution after tempering (780 °C/2 h) and after creep (650 °C/100 MPa) was characterized using transmission electron microscopy in the scanning mode (STEM). Thermodynamic and kinetic modeling was carried out using the softwares Thermo-Calc, DICTRA and TC-PRISMA. The Thermo-Calc software predicted formation of NbC, V(C,N) and M23C6 carbides at the tempering temperature of 780 °C. STEM investigations revealed that M23C6 precipitated on prior austenite grain boundaries and lath or block boundaries whereas NbC and V(C,N) were located within sub-grains. Simulations by TC-PRISMA showed that M23C6, NbC and V(C,N) particles nucleation begins as soon as the tempering treatment starts and it is completed in a very short time, reaching the equilibrium volume fraction after 40 s for M23C6, 100 s for NbC and 80 s for V(C,N). Best agreement between simulations and experimental investigations was found for low interfacial energy values of 0.1 J m−2. Both STEM measurements as well as DICTRA simulations indicate very low coarsening rate for both kind of precipitates. Creep tests up to 4000–5000 h suggest that this special combination of NbC, V(C,N) and M23C6 may provide increased pinning of dislocations reducing boundary migration therefore enhancing creep strength.