The 15Cr-9Ni-Nb austenitic stainless steel weld metal with a Si content of 3.5 wt% was prepared via gas tungsten arc welding and then held at 900 °C for 3 h for the stabilized heat treatment (SHT). The stress rupture properties of the as-welded (AW) and SHT weld metals at 550 °C were evaluated via the Larson-Miller parameter. The microstructure evolution was discussed during the 550 °C stress rupture process. The coarse σ-phase and relatively fine G-phase formed on the δ-ferrite during aging at 550 °C. In the AW weld metal, the continuous δ-ferrite with a large amount of coarse σ-phase led to the formation and expansion of cracks during the stress rupture process, which accelerated the eventual rupture and damaged the stress rupture properties. The SHT decreased the δ-ferrite content and formed a large amount of nanoscale NbC precipitated in the matrix. The decreased δ-ferrite content avoided the rapid formation and expansion of cracks and the nanoscale NbC blocked the dislocation movement during the stress rupture process, which improved the stress rupture properties.