The microstructure evolution and the stability of mechanical properties of GH3128 alloy under different atmospheres at 950 ℃ were investigated in this paper. Long-term aging tests were carried out at 950 ℃ for 100, 300, 500, 1 000 and 3 000 h at 950 ℃, respectively, in air and helium atmospheres. The precipitated phases and main element in the precipitated phase after aging were characterized and quantitatively analyzed by SEM, electrolytic extraction and X-ray diffraction analysis. The stability of mechanical properties of the alloy after long-term aging was evaluated by tensile tests at room temperature and high temperature, and the influence of microstructure evolution on the property stability was determined. The results reveal that the main precipitated phase in the wrought GH3128 alloy is M(Mo,W,Ni)6C. During the long-term aging process at 950 ℃ in air and helium atmospheres, the microstructure evolution of GH3128 alloy is essentially consistent. With the increase of aging time, the carbides content in the alloy demonstrates a trend of initially increasing and then flattening. Carbides gradually coarsen along the grain boundary, presenting a continuous distribution. During the long-term aging process in both air and helium atmospheres, the harmful μ-phases precipitate out in the alloy, and with the extension of aging time, the μ-phases transform from short rod to needle, and the content increase initially and then flatten. Compared with the air atmosphere, the contents of carbides and μ phases precipitated during the aging process in the helium atmosphere are lower. The tensile strength of GH3128 alloy remains relatively stable at room temperature and high temperature after aging for different durations in the two atmospheres, and the tensile plasticity exhibits a trend of initially decreasing and then stabilizing, and basically reaches a stable state after aging for 1 000 h. Combined with the microstructure evolution of GH3128 alloy during aging, it can be further demonstrated that the increase in μ-phases, M(Mo, W, Ni)6C content and the change of morphology during aging have adverse effects on the plasticity of the alloy.