Ni-based alloys are promising materials for advanced nuclear reactors operating at high temperatures due to their exceptional resistance to high temperatures and corrosion. Understanding the synergy of phase stability and helium effects is crucial for assessing the long-term performance and reliability of these alloys in advanced nuclear reactors. This study has investigated the co-evolution behavior of M23C6 precipitates and cavities in a boron-free solid solution strengthened Ni-based alloy GH3617 under high-temperature He ion irradiation, and its impact on alloy swelling and mechanical properties, by He ion irradiation experiments with the highest fluence of 1 × 1017 He/cm2 up to 800 °C. Transmission Electron Microscopy (TEM) and Nanoindentation are employed to investigate microstructural evolution and mechanical properties, respectively. The findings show that at room temperature and 500 °C, cavities and dislocation loops were the dominant irradiation defects, whereas at 800 °C, the density of cavities and dislocations reduced while the formation of M23C6 precipitates increased. These precipitates act as effective trapping sites for He and point defect, leading to cavity formation at the interfaces or within the precipitates. Moreover, increased irradiation fluence accelerates the co-evolution process, resulting in an increase in the density and size of both precipitates and cavities, ultimately leading to enhanced swelling. The {111} planes are favored interfaces between intragranular M23C6 precipitates and the matrix due to their minimal misfit, while the preferred interface planes between cavities with octahedral or cubo-octahedral shapes and the precipitate/matrix are also {111}, owing to their lower surface energy as well. The co-evolution of cavities and precipitates was found to influence mechanical properties, resulting in an irradiation hardening effect at lower fluences, while softening at higher fluences. This study provides novel insights into the degradation mechanisms of Ni-based alloys under coupling effect of He and high-temperature irradiation.