A new, wrought Ni-Fe-based alloy with excellent creep rupture life has been developed for 700 °C-class advanced ultra-supercritical (A-USC) steam turbine rotor application. In this study, its tensile deformation behaviors and related microstructure evolution were investigated. Tensile tests were carried out at room temperature, 700 °C, and 750 °C. The results show that the Ni-Fe-based alloy has excellent yield strength at 700 °C, which is higher than that of some other Ni-based/Ni-Fe-based alloys. The fracture surface characteristics indicate trans-granular and intergranular fracture modes at room temperature, 700 °C, and 750 °C. However, the intergranular fraction mode became dominant above 700 °C. Dynamic recrystallization occurred at 700 °C and 750 °C with increasing average misorientation angles. The volume fraction of the γ′ precipitate was around 20%, and the average size of the γ′ precipitates was around 30 μm, which had no noticeable change after the tensile tests. The predominant deformation mechanisms were planar slip at room temperature, bypassing of the γ′ precipitates by the Orowan mechanism, and dislocation shearing at 700 °C and 750 °C. The tensile properties, fracture characteristics, and deformation mechanisms have been well-correlated. The results are helpful in providing experimental evidence for the development and optimization of high-temperature alloys for 700 °C-class A-USC applications.