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A new third generation nickel-based powder metallurgy (PM) superalloy, designated as FGH100L, was prepared by spray forming. The effects of hot isostatic pressing (HIP) and isothermal forging (IF) processes on the creep performance, microstructure, fracture, and creep deformation mechanism of the alloy were studied. The microstructure and fracture were characterized by optical microscopy (OM), scanning electron microscopy (SEM), and transmission electron microscopy (TEM). The coupled HIP and IF process improved the creep performance of the alloy under the creep condition of 705 °C/897 MPa. As for both the HIPed and IFed alloys, the creep process was dominated by the accumulation of dislocations and stacking faults, cutting through γ’ precipitates. The microstructural evolution was the main factor affecting the creep performance, which mainly manifested as coarsening, splitting, and morphology change of γ’ precipitates. Both the creep fractures of the HIPed and IFed alloys indicated intergranular fracture characteristics. In the former, wedge-shaped cracks usually initiated at the trigeminal intersection of the grain boundaries, while in the latter, cavity cracks generate more easily around the serrated curved grain boundary and carbides.

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