The effect of aging on the precipitates, mechanical and magnetic properties of Fe-21Cr-15Ni-6Mn-Nb low magnetic stainless steel were investigated. The steel was aged at 550–750 °C for 2 h after solution heat treatment at 1100 °C for 1 h. During the aging treatment, the (Nb, V)(C, N) particles gradually precipitated in the grain, which were coherent or semi-coherent with the matrix. When the aging temperature was beyond 650 °C, the coarsening rate of (Nb, V)(C, N) particles increase rapidly and the coherent orientation between (Nb, V)(C, N) particles and the matrix was lost gradually. Meanwhile, coarse M23C6 was distributed at the grain boundary with chain shape, which was non-coherent with the matrix. The coarsening behavior of (Nb, V)(C, N) precipitates in the grain was analyzed, and the size of the particles precipitated after aging treatment at 650°C for different time was calculated and studied. After aging treatment at 650 °C for 2 h, the yield strength and tensile strength of the stainless steel was 705.6 MPa and 1002.3 MPa, the elongation and the relative magnetic permeability was 37.8% and 1.0035, respectively.