The microstructural evolution of a tempered martensitic stainless steel (a 12 pct chromium steel, type-403), during creep test, subjected to a tensile creep test at 873 K, was studied by monitoring the shear-wave attenuation and velocity using electromagnetic acoustic resonance (EMAR). The study disclosed an attenuation peak at around 20 to 30 pct of the creep life, and a minimum value at 50 pct of the creep life, and a local minimum velocity at the attenuation peak, independent of the applied stress. These novel phenomena are interpreted as a result of microstructural changes, especially dislocation recovery. This interpretation is supported by transmission electron microscopy observations of the dislocation structure. The relationship between the changes in attenuation, velocity, and microstructure evolution can be explained with the string model. The study results have suggested that EMAR possesses the potential to assess the progress of creep damage and to predict the remaining creep life of metals.