The equiaxed Ni-based superalloy René 108 was subjected to short-term annealing at five temperatures between 900 °C and 1100 °C. The phase composition, phase lattice parameters, microstructure, stereological parameters, and chemical composition of γ′ precipitates were investigated by thermodynamic simulations, X-ray diffraction, scanning and transmission electron microscopy, and energy-dispersive X-ray spectroscopy. Analysis of the γ and γ′ lattice parameters using the Nelson-Riley extrapolation function showed that the misfit parameter for temperatures 900 °C to 1050 °C is positive (decreasing from 0.32 to 0.11 pct). At 1100 °C, the parameter becomes negative, δ = − 0.18 pct. During the short-term annealing, γ′ precipitates dissolution occurred progressing more rapidly with increasing temperatures. The surface fraction of γ′ precipitates decreased with increasing temperature from 0.52 to 0.34. The dissolution of γ′ precipitates did not only proceed through uninterrupted thinning of each individual precipitate, but also included more complex mechanisms, including splitting. Based on transmission electron microscopy, it was shown that after γ′ precipitates dissolution, the matrix close to the γ/γ′ interface is strongly enriched in Co and Cr and depleted in Al.