The as‐cast microstructure, microsegregation of alloying elements, and microstructure evolution during homogenization of the newly designed 15Cr–30Ni–Fe heat‐resistant alloy are studied. Ti, Nb, Si, and Mo segregate at the interdendritic region. The brittle eutectic Laves phase contains Fe, Ti, Ni, Nb, Si, and Mo, which is identified as the Fe2Ti Laves phase. The activation energy for the Fe2Ti Laves phase dissolution is close to the activation energy for Ti diffusion in the γ matrix based on the Johnson–Mehl–Avrami–Kolmogorov analysis. The back‐diffusion of Ti to the γ matrix is the limiting step for the dissolution of Fe2Ti Laves phase. The kinetic equation of homogenization considering lattice parameters and pre‐exponential factor correction is established. After the double‐stage homogenization at 980 °C/10 h + 1140 °C/4 h, the volume fraction of the Laves phase decreases from 5.11% to 0.26%, and the large eutectic Laves phase is completely dissolved. The reduction in the standard deviation of microhardness at different soaking times effectively reflects the gradual decrease in the degree of microsegregation of alloying elements. The average grain size of the alloy after homogenization is 410 ± 63.1 μm, which is beneficial to control the further refinement of grain during the subsequent hot working.