Changes in the microstructure and selected mechanical properties of two-phase ferritic-austenitic cast steel containing 24% Cr-5% Ni-2.5% Mo-2.5% Cu after isothermal holding at 750 °C and 900 °C are presented. The choice of the two temperatures of isothermal holding was dictated by the precipitation of brittle phases within a range of 600 °C–950 °C, while the holding time depended on the casting cooling time in the mould. Changes in the microstructure were studied by the SEM-EDS and XRD techniques. As a result of the decomposition of the eutectoid ferrite, a σ phase that was rich in Cr, Mo, and Ni and a secondary γ2 austenite with Widmannstätten morphology were formed. Compared to the austenite, the chemical composition of the secondary γ2 austenite showed depletion of Cr and Mo. In the ferrite, the presence of Cr2N nitrides was also detected. After a holding time of 3 h at 900 °C, these phases increased the hardness of the tested cast steel to approximately 275 HV10. At the same time, the UTS value was recorded to decrease with the increasing temperature based on the tensile test results. At 750 °C, the value of UTS was 250 MPa for 1 h of holding and 345 MPa for 3 h of holding. These values decreased after increasing the temperature to 900 °C and amounted to 139 for 1 h holding and 127 MPa for 3 h holding. It was also found that the elongation values at 750 °C ranged from 7–10%, while they amounted to 35–37% at 900 °C. A fracture analysis of the tested cast steel showed that in the prevailing part, the fractures were made of ductile nature with an arrangement of dimples that is typical for this type of fracture. Non-metallic inclusions that are typical for cast steel (i.e., oxides and nitrides) were also found in the area of the fractures.