Many components operate under creep‐fatigue loading causing an increasing need to learn the knowledge about creep‐fatigue crack growth (CFCG). The stress and microstructural evolution around the crack tip of G115 steel after CFCG were investigated. According to the finite element simulations, the variations of equivalent stress and stress triaxiality in the crack tip zone are presented. Furthermore, the evolutions of martensitic laths, dislocations, and precipitates were systematically studied through electron backscatter diffraction and transmission electron microscopy observations. The laths at the crack tip or under a larger hold time are wider than those remote from the crack tip or under a shorter dwell time. Meanwhile, the dislocation densities reduced significantly at the crack tip or under a larger hold time. The different variations of laths' width and dislocation densities resulted from the different stress triaxiality and creep strain. W‐rich Laves and Cu‐rich phases appeared during CFCG. The Laves phase coarsened rapidly because of the stress‐accelerated diffusion.