In view of developing novel alloys for applications in supercritical water-cooled reactor fuel cladding and in-core components, a 12%Cr reduced activation ferrite/martensite(RAFM) steel with good corrosion resistance and irradiation performance was developed. V and Ta were added to form fine MX type carbonitrides and enhance the high temperature creep rupture strength. Microstructure stability of the steel during long-term aging at 650 C was studied experimentally combined with the simulation of ThermoCalc and DICTRA software. The results show that the precipitates in the steel during long-term aging contain M23C6, MX and Laves phase. M23C6 carbides play a major role in the stabilization of the tempered martensite lath structure by exerting a large Zener pinning force as compared with MX and Laves phase.Adding V and Ta in the steel can not only promote MX precipitation, but also refine M23C6 carbides and thus improve the thermal stability of lath/subgrains, which is beneficial to the improvement of high temperature microstructure stability of the 12%Cr RAFM steel.