LAUSR

Ferritic–martensitic (F–M) steels are widely used for high‐temperature pressure vessels and reactor cladding structures in power plants. The high operating temperatures and pressures, as well as the radiation environment, significantly challenge the mechanical stability of these steels. Here, the degradation mechanisms in F–M steels during creep and thermal aging under these harsh environments are reviewed. The exceptional mechanical properties of F–M steels are mainly attributed to their well‐constructed microstructures and chemical compositions. Microstructural barriers such as dislocations, solid solution atoms, and precipitates play key roles in resisting degradation. During the long‐term service, the microstructures undergo gradual evolution, resulting in a deterioration of mechanical properties at the macrolevel. In addition to the degradation mechanisms, some recent advancements in strengthening methods, including microalloying strengthening, thermomechanical treatment (TMT), and oxide dispersion strengthening, are summarized, aimed at the development of next‐generation F–M steels. The strengthening of the F–M steels is mainly achieved by enhancing the thermal stability of their microstructures. Insight into both the deterioration mechanisms and strengthening methods of F–M steels may pave the way for new approaches in developing high‐performance steels for applications in next‐generation power plants operating at ultrahigh operating temperatures and pressures.