ABSTRACT P91 and P92 steels are widely used in power plants and petrochemical industry for long-term service components. Due to high resistance to creep, fatigue and corrosion, the use of grade 91 and grade 92 steels allows ultrasupercritical conditions (600 °C, 300 bar). To achieve this goal the alloy design was based on the following metallurgical concepts: stable tempered martensitic microstructure, precipitation strengthening through M23C6 (Cr, Fe, Mo or W carbides) and fine MX (V, Nb carbides), solution hardening through elements as Mo or Mo/W and high Cr content. This study is focused on the microstructure evolution of grade 91 and grade 92 steels under aging and creep conditions. Three sets of laboratory-aged specimens heated in oven at 550°C, 600°C and 650°C were examined. Furthermore, the influence of stress on the microstructure was evaluated. The microstructures were characterized by several means of investigations and the results were compared to literature.