Fe-Cr-Ni-Al-Ti ferritic superalloy was fabricated by hot isostatic pressing (HIP) of Fe-Cr-Ni-Al-Ti gas-atomized powders. Three types of precipitates with difference in particle size, composition and morphologies have been identified in the as-HIPed ferritic alloy. Micron-sized B2-NiAl distributed in the bulk together with L2 1 -Ni 2 TiAl and Fe(Cr) sub-precipitations are the dominant precipitates. Submicron-sized B2/L2 1 composite precipitates with Fe(Cr)-enriched outer layer and nano-scaled single B2 particles are distributed around the micron-sized B2/ L2 1 / Fe(Cr) composite precipitates. After solution treatment at 1100 °C, various types of precipitates in as-HIPed alloy can be completely dissolved, while dense spherical B2/L2 1 particles are precipitated rapidly even upon water quenching. During aging at 700 °C, the spherical particles evolve into cuboidal morphology and then coarsen and coalesce into large plates. The loss of coherency between the particle and the matrix would produce dense dislocation network at the particle/matrix interface. The measured tensile strength of as-HIPed ferritic superalloy at 700 °C is up to 198 MPa with a total elongation of 47.6%, and the cracks are found to be initiated at the prior particle boundaries, which leads to the failure. To fabricate the high-performance Fe-Cr-Ni-Al-Ti superalloy by powder metallurgy, we suggest that the prior particle boundaries should be avoided during consolidation process. • L2 1 -Ni 2 TiAl and Fe(Cr) sub-precipitations are formed within micron-sized B2-NiAl precipitates. • Outer layer of submicron-sized B2/L2 1 precipitates is enriched in Fe(Cr). • During aging at 700 °C, dense dislocation network is formed at the particle/matrix interface. • Cracks are initiated at prior particle boundaries upon tensile deformation of HIPed Fe-Cr-Ni-Al-Ti superalloy.