The under-aging, peak-aging, and over-aging microstructures of a precipitation-strengthened Fe–Ni-based alloy were designed by applying different heat treatment procedures. Tensile creep tests were conducted at 700 °C and 250 MPa on samples exhibiting different strengthening γ′ precipitate volume fractions and diameters. The creep life of the alloy in the under-aged state was increased by more than 10% compared to the peak-aged condition, which provided a new approach to designing the heat treatment regime that improve the creep rupture life and plasticity of precipitation-strengthened alloys. The improvement in creep properties of the under-aged state was attributed to the transition from shearing to Orowan looping of γ′ particles by matrix dislocations during the dynamic precipitation and coarsening of γ′ phase, increasing intragranular deformation resistance. The under-aged microstructure design allowed reducing the grain boundary sliding contribution to overall strain during creep. As a result, the steady-state creep stage of the alloy in the under-aged state was extended. Additionally, relationships between applied stress and nucleation, growth, and coarsening of the γ′ phase have been evidenced.