The design of ultra-high purity (UHP) Fe-based model alloys for advanced ultra-supercritical (A-USC) technology is attempted in this work. Creep testing has been performed in air at 700 °C and a stress level of 150 MPa. Analysis of the fracture surface and cross section of the crept specimen was performed. To evaluate the oxidation resistance in A-USC conditions, oxidation testing was performed in supercritical water (SCW) at 700 °C and 25 MPa. Weight gain (WG) measurements and meticulous characterization of the oxide scale were carried out. Based on thermodynamics and density functional theory calculations, some reactive elements in the Fe-Cr-Ni system were designated to promote precipitation strengthening and to improve the hydrogen-accelerated oxidation resistance. The addition of a 2 wt pct Mo into Fe-22Cr-22Ni-0.6Nb wt pct-based matrix did not significantly improve the creep resistance. The addition of 0.26 wt pct Zr coupled with cold working was effective for improving creep properties. The Mo-modified model alloy showed almost the same WG value as SUS310, while the Zr-modified alloy showed a higher WG value. Meanwhile, a Cr-enriched continuous oxide layer was formed at the oxidation front of the Zr-modified alloy and SUS310S after exposure to SCW conditions.