Abstract: A domestic P92 heat-resistant pipe with large diameter was aged at 650 ℃, and then its microstructure, tensile properties and creep properties were analyzed and compared with imported P92 steel. The results indicate that the domestic P92 steel met the requirements of ASTM A335, GB5310-2008 and EN10216 in terms of chemical composition, microstructure, mechanical properties and creep rupture properties. Compared with imported P92 steel, the domestic P92 steel did not change a lot in terms of microstructure during aging at 650 ℃, but had a faster coarsening rate of Laves phase, which was one of the main reasons why the creep strength of domestic P92 steel was lower than that of imported steel.