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 12Cr1Mo V pearlitic heat-resistant steel. It is shown that during the high temperature long-term aging, the disordered and jumbled phasetransformed 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.