The relationship between thermo-mechanical processing, resultant microstructure, and mechanical properties has been of interest in the field of metallurgy for centuries. In this work, the effect of heat treatment on microstructure and key mechanical properties important for turbine rotor design has been investigated. Specifically, the tensile yield strength and crack growth resistance for a nickel-iron based superalloy 706 has been examined. Through a systematic study, a correlation was found between the processing parameters and the microstructure. Specifically, differences in grain boundary and grain interior precipitates were identified and correlated with processing conditions. Further, a strong relationship between microstructure and mechanical properties was identified. The type and orientation of grain boundary precipitates affect time-dependent crack propagation resistance, and the size and volume fraction of grain interior precipitates were correlated with tensile yield strength. It was also found that there is a strong environmental effect on time-dependent crack propagation resistance, and the sensitivity to environmental damage is microstructure dependent. Microstructures with g decorated grain boundaries were more resistant to environmental damage through oxygen embrittlement than microstructures with no g phase on the grain boundaries. An effort was made to explore the mechanisms of improving the timedependent crack propagation resistance through thermo-mechanical processing, and several mechanisms were identified in both the environment-dependent and the environment-independent category. These mechanisms were ranked based on their contributions to crack propagation resistance.