This paper investigated the microstructure and properties of K4169 alloy after hot isostatic pressing (HIP), HIP+homogenization+solution aging (N1) and homogenization+HIP+solution aging (N2). After HIP, the laves phase is transformed into carbides, and the dendritic segregation and pore defects are eliminated. The γ″ strengthening phase sizes of N1 and N2 samples are 70.71 nm and 106.76 nm, respectively. The N2 sample precipitates a large amount of δ phase due to the enrichment of Nb element at the grain boundary after HIP.The HIP process improves the tensile properties of K4169 alloy at room temperature and 700 °C. The rupture life of N1 and N2 samples at 650 °C / 620 MPa is 205.88 h and 36.87 h, respectively. In the tensile test, the carbide is broken into micropores due to stress concentration, and the cracks initiate and propagate on the micropores. In the creep rupture test, the crack propagates along the grain boundary, and the precipitated δ phase is separated from the matrix under the action of stress to produce micropores to weaken the grain boundary and reduce the creep rupture property of the alloy.