A new Ni-Fe-based superalloy, HT-X, has been developed for applications in 700°C advanced ultra-supercritical (A-USC) boilers. The HT-X alloy is subjected to various heat treatments. Tensile tests are conducted at room temperature (RT), 700°C and 750°C. Creep tests are carried out under conditions of 700°C/300 MPa and 750°C/150 MPa. After aging treatment, the yield strength of the HT-X alloy at RT and 750°C is 787 MPa and 624 MPa, respectively. When additional thermal exposure at 750°C for 5400 h is applied, the yield strength is decreased to 656 MPa at RT and 480 MPa at 700°C. For an aged specimen, the a/2<110> dislocation shearing process occurs when tensile testing is conducted at RT and 750°C. As the γ' precipitate size increases in the specimen that is thermally exposed at 750°C for 5400 h, Orowan bowing is the dominant dislocation process, and stacking faults develop in the γ' precipitates at both RT and 700°C. Dislocation slip combined with climb is the dominant mechanism under the creep testing conditions. The factors that affect the mechanical properties and deformation mechanisms are discussed.