Iron-nickel-chromium (Fe-Ni-Cr) alloy Haynes HR120 is an iron-nickel-based superalloy, which is extensively used in gas turbines. Hence, the materials for the fabrication of steam turbine blades should present great mechanical characteristics and creep properties. In this study, Fe-40Ni-24Cr was heat-treated at temperatures from 950 to 1250 °C. High temperature creep behavior and microstructure evolution of the selected heat-treated (1050 °C, 1200 °C, 1225 °C and 1250 °C) Fe-40Ni-24Cr alloy were assessed at temperatures of 800 °C and 900 °C under 100 MPa stress. The alloy consisted of titanium and niobium rich precipitates, namely NbC, (Nb,Ti)C, TiN and Ti(C,N) distributed in the matrix grain boundaries, which enhance the creep properties of the alloy. The hardness of heat-treated Fe-40Ni-24Cr alloy decreased with increasing temperature and grain size. The creep strain of the Fe-40Ni-24Cr alloy increased with escalation in the creep time and the temperature being under constant applied stress. Fe-40Ni-24Cr alloy shows a decrease in steady-state creep rate with an increase in grain size from 62 μm to 183 μm due to the grain boundary sliding mechanism and 183 μm to 312 μm due to the occurrence of dislocation climb. This result exhibited that grain size has a significant influence on the alloys’ high temperature creep properties.