Changes in the properties of 38KhN3MFA steel, from which the rotor shaft is made, were investigated by comparing the hardness of the shaft surface and hydrogen concentration in the chips and analyzing changes in the morphology of the chips under the influence of various factors. The microstructures obtained from the surface of the rotor shaft samples are presented, and histograms reflecting the parameters of the structural components are constructed. An abbreviated diagram of the “life cycle” of the turbine rotor shaft is given. It was found that, during long-term operation (up to 250 thousand hours), the hardness of the rotor shaft surface decreases from 290 HB to 250 HB. It was recorded that, in the microstructure of the shaft during 250 thousand hours of operation, the amount of cementite decreased from 87% to 62%, and the proportion of free ferrite increased from 5% to 20%. The average values of ferrite microhardness decreased from 1.9 GPa to 1.5 GPa. An increase in the content of alloying elements in carbides was recorded: Cr and V—by 1.15–1.6 times; and Mo—by 2.2–2.8 times. With the help of the developed program (using computer vision methods), changes in their microrelief were detected to study photos of chips.