The low alloy bainitic steel used in reactor pressure vessels deteriorates during thermal service while the macroscopic thermodynamic parameters that cause thermal aging remains unknown. In this work, a thermal aging restructuring scheme was proposed by step-up aging the steel from 350 °C to 490 °C, with a total duration of 7500 hours. Samples from varied thickness of the steel were characterized in terms of carbides evolution and Charpy impact toughness at 20 °C. The carbide size and its fraction were statistically analyzed showing partial coarsening and dissolution during aging, while the carbide fraction was found linearly correlated with the impact energy for the first time. The critical transition temperature parameter of the aging process was found to be 470 °C for the steel. The macroscopic thermodynamic parameters, including the thermal aging time and temperature, facilitate a comprehensive understanding of the material degradation mechanism and provide a basis for long-term safety of equipment.