The microstructures and mechanical properties of IN738LC superalloy made by investment castings followed by Hot Isostatic Pressing (HIP) treatment have been investigated. The results revealed that after HIP treatment, the microporosities have been almost removed and the density rose by 0.21%. The eutectic size became smaller and the fraction decreased. The γ' phase was more regular and also increased in size, while a large number of secondary γ' phase appeared. With HIP treatment, the impact toughness increased from 5.0J ~ 7.0J to 8J ~ 9J and tensile strength at 200°C ~ 800°C was improved by approximately 3.2%~19.7%. In addition, the ductility and the stress rupture life have also been greatly improved as well.