P92 steel is widely used in ultra-supercritical units due to its excellent high-temperature performance. This paper studies the microstructure of P92 steel steam pipes in three conditions: as-supplied, after 80,000 h of service at 67.06 MPa stress, and after 100,000 h of service at 80.28 MPa stress. After prolonged service, the P92 steel retains its martensitic structure, but the lath width increases and the dislocation density decreases. In addition to M23C6, MX, and Laves phases, Z phase was also observed among the precipitates. The results indicate that the sizes of M23C6 and Laves phases increase with the progression of creep life consumption, with the coarsening rate of Laves phase being significantly higher than that of M23C6. However, the coarsening of MX phase is not evident. Compared to the Laves phase, the formation of the Z phase requires a longer period of time. The precipitation of the Z phase consumes MX carbonitrides, and it has been observed that the Z phase precipitates from the MX phase, with the two phases exhibiting a coexisting state.