Nickel-based powder superalloys have become one of key materials for aerospace turbine engines due to their excellent comprehensive properties. The microstructure stability during long-term isothermal aging is closely related to mechanical properties. The correlation between order phase transition and mechanical properties of a HIP (hot isostatic pressing) nickel-based powder superalloy after long-term isothermal aging treatment was investigated. The results show that the decomposition of MC carbides and precipitation, growth and coarsening of γ' phases occur with duration of isothermal aging. Tertiary γ' phases precipitates by the way of element diffusion with γ' phases coarsening. In addition, strengthening mechanism is quantitatively calculated, and the relative contribution of γ' phases to yield strength is largest, and multi-mode size of γ' phases are favorable to yield strength and hardness of HIP nickel-based powder superalloy.