The paper presents the results of investigation of the 0.4C-35Cr-45Ni-Nb alloy, which operated in the cracked hydrocarbon feeds and dilution steam at 1125 °C. The material originated from the pyrolytic furnace coil tubes, of which internal walls were in contact with the aforementioned medium, whereas the external walls were in contact with the flue gases. The examination included metallographic and mechanical tests on the material after service exposure, the results of which were compared with the ones obtained for the as-received non-exposed specimens. The metallographic tests revealed changes in the alloy’s structure manifested by formation of significant amount of the carbides due to carburization of the alloy from the steam and cracked hydrocarbon feeds side. The central and external parts of the alloy samples (having no contact with the process medium) underwent substantial degradation but within a relatively narrow zone of the material. The investigations of hydrogen and methane content in the alloy showed a high amount of these gases, resulting from high-temperature corrosion in steam environment. The mechanical tests demonstrated clear shortening of the plastic deformation range of the alloy due to penetration of the gases and formation of the carbides inside the material’s structure. A low level of corrosion and no creep mechanism were detected.