Type 347 austenitic stainless steel (18Cr-12Ni-Nb) was alloyed with copper (3 wt pct), boron (0.01 to 0.06 wt pct), and cerium (0.01 wt pct) with an aim to increase the creep rupture strength of the steel through the improved deformation and cavitation resistance. Short-term creep rupture strength was found to increase with the addition of copper in the 347 steel, but the long-term strength was inferior. Extensive creep cavitation deprived the steel of the beneficial effect of creep deformation resistance induced by nano-size copper particles. Boron and cerium additions in the copper-containing steel increased its creep rupture strength and ductility, which were more for higher boron content. Creep deformation, grain boundary sliding, and creep cavity nucleation and growth in the steel were found to be suppressed by microalloying the copper-containing steel with boron and cerium, and the suppression was more for higher boron content. An auger electron spectroscopic study revealed the segregation of boron instead of sulfur on the cavity surface of the boron- and cerium-microalloyed steel. Cerium acted as a scavenger for soluble sulfur in the steels through the precipitation of cerium sulfide (CeS). This inhibited the segregation of sulfur and facilitated the segregation of boron on cavity surface. Boron segregation on the nucleated cavity surface reduced its growth rate. Microalloying the copper-containing 347 steel with boron and cerium thus enabled to use the full extent of creep deformation resistance rendered by copper nano-size particle by increase in creep rupture strength and ductility.