The evolution of the microstructure and the mechanical properties of a 15-6 martensite precipitated hardened (15-6 PH) stainless steel after thermal treatment and long-term aging at 480 °C were investigated. Compared with 17-4 PH steel, the content of Cr decreased and Ni increased in the newly developed 15-6 PH steel; therefore, reversed austenite formed after thermal treatment at 620 °C of the solution-treated 15-6 PH steel. Although the reversed austenite may reduce the strength of the steel, it is very beneficial for the inhibition of the aging brittleness of the steel. During the accelerated thermal aging at 480 °C, the Cu-rich phase gradually coarsened, and its crystal structure changed, while the reversed austenite phase sightly increased and the Charpy impact energy maintained a rather high value. The increase of the reversed austenite content can offset the reduction of the strengthening effect of the Cu-rich phase and therefore maintain an excellent impact property of the material after thermal aging.