Super 304H has been a crucial material for ultra-supercritical boilers. However, the relationship between microstructure evolution, strengthening mechanism, and embrittling behavior during long-term aging was lacking investigation. This investigation aimed to reveal the strengthening and embrittling mechanism from precipitates in Super 304H. The results showed that the hardness increment came from the grain boundary’s M23C6 (GB’s M23C6) and intragranular nano Cu-rich particles. After being aged for 5000 h, the GB’s M23C6 and nano Cu-rich particles provided a hardness increment of approximately 10 HV and 30 HV, respectively. The impact toughness gradually decreased from 213 J/cm2 to 161 J/cm2 with the extending aging time. For the aged Super 304H, the GB’s M23C6 provided a higher cracking source. In addition, the nano Cu-rich particle restricted the twin-induced plastic deformation of austenitic grain and depressed the absorbed energy from austenitic grain deformation.