The evolution of tensile properties and microstructure in three 9% Cr martensitic rotor steel with varying contents of W and Mo elements is investigated after aging at 630 °C for different durations, with a primary focus on the characteristics of martensite laths and blocks, grain boundaries, dislocations, and precipitates. The results indicate that the presence of W and Mo elements not only influences the precipitation and coarsening behavior of Laves phases but also that of M23C6 carbides, which differs from conventional beliefs. The elevated content of Mo and reduced content of W in the steel leads to a reduction in the equilibrium Cr concentration, promoting enhanced precipitation of Cr atoms and increases nucleation sites of M23C6 carbides. During the aging treatment, the M23C6 carbides in the 2.0W0.5Mo steel exhibits the highest content and the lowest coarsening rate. The strength of 9% Cr martensitic rotor steel is primarily enhanced through dislocation strengthening and grain boundary strengthening. The presence of fine M23C6 carbides effectively immobilizes dislocations and interfaces, resulting in the exceptional stability of the microstructure in the 2.0W0.5Mo steel and a minimal reduction in yield strength.