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In this present paper, the mechanical properties of σ-phase and its effect on the mechanical properties of 304H austenitic stainless steel after servicing for about 8 years at 680–720 °C were studied by nano-indentation test, uniaxial tensile test, and impact test. The results showed that the nano-hardness (H), Young’s modulus (E), strain hardening exponent (n), and yield strength (σy) of σ-phase were 14.95 GPa, 263 GPa, 0.78, and 2.42 GPa, respectively. The presence of σ-phase increased the hardness, yield strength, and tensile strength, but greatly reduced the elongation and impact toughness of the material.