The creep behavior of a novel PM Ni‐based superalloy was investigated at temperatures ranging from 760 °C to 815 °C and stress levels in the 480 MPa‐620 MPa. The steady‐state creep rate, strain to rupture, and rupture time were analyzed based on the Monkman‐Grant relation and the modified Monkman‐Grant relation. The creep damage factor was redefined by the analysis of Monkman‐Grant ductility. A general relationship between the time reaching Monkman‐Grant ductility and creep life was established. The sharply accelerated creep stage was proposed and the modified Monkman‐Grant relation of the transient creep parameters in this stage was established. The nucleation, growth and connection of grain boundary creep cavities dominated the creep damage of the alloy. The stress concentration caused by the accumulation of dislocations at grain boundaries and σ phase interfaces, and the grain boundary slipping were the main reason for the nucleation of grain boundary cavities. The coupling effect of the temperature and the stress aggravates the damage of grain boundary and the degradation of microstructure.This article is protected by copyright. All rights reserved.