The observations of dislocations, substructures and other microstructural details were conducted mainly by means of transmission electron microscope (TEM) and scanning electron microscope (SEM) for 12CrlMoV pearlitic heat-resistant steel. It is shown that during the high temperature long-term aging, the disordered and jumbled phase-transformed dislocations caused by normalized cooling are recovered and rearranged into cell substructures, and then the dislocation density is reduced gradually. Finally a low density linear dislocation configuration and a stabler dislocation network are formed and ferritic grains grow considerably. The observations of dislocations, substructures and other microstructural details were conducted primarily by means of transmission electron microscope (TEM) and scanning electron microscope (SEM) for 12CrlMoV pearlitic heat-resistant steel. It is shown that during the high temperature long- term aging, the disordered and jumbled phase-transformed dislocations caused by normalized cooling are recovered and rearranged into cell substructures, and then the dislocation density is reduced gradually. Finally a low density linear dislocation configuration and a stabler dislocation networks are formed and ferritic grains grow considerably.