Thick thermal barrier coatings (TBCs), consisting of a CoNiCrAlY bond coat and yttria-partially stabilized zirconia top coat with different porosity values, were produced by air plasma spray (APS). The thermal fatigue resistance limit of the TBCs was tested by furnace cycling tests (FCT) according to the specifications of an original equipment manufacturer (OEM). The morphology, residual stresses, and micromechanical properties (microhardness, indentation fracture toughness) of the TBC systems before and after FCT were analyzed. The thermal fatigue resistance increases with the amount of porosity in the top coat. The compressive in-plane stresses increase in the TBC systems after thermal cycling; nevertheless the increasing rate has a trend contrary to the porosity level of top coat. The data suggest that the spallation happens at the TGO/top coat interface. The failure mechanism of thick TBCs was found to be similar to that of conventional thin TBC systems made by APS.