The S304H steel is used in the construction of pressure components of boilers with supercritical operating parameters. The paper presents the results of the research on the microstructure after ageing for 20,000 hours at 650 and 700°C. The microstructure examination was performed using scanning and transmission electron microscopy. The precipitates were identifies using transmission electron microscopy. The influence of ageing time on microstructure changes and the precipitation process of the tested steel is described. The presented research results are an element of material characteristics of the new generation of steel, which are used in the design work of pressure devices of steam boilers and in diagnostic work during operation.