Some existing wrought Ni–Cr–Co-based superalloys are being evaluated as the candidate materials for advanced ultra-supercritical power plant applications beyond 700 ℃ due to their high creep strength. But they are all prohibitively expensive due to the addition of Co, Mo and W. Here we developed a new Ni–Fe–Cr-based superalloy(named as HT700 alloy) with low cost and high strength. This paper reports the mechanical properties and fracture modes of HT700 alloy to support its high temperature applications and to understand prospective failure mechanism. Fractographic examinations indicate that the fracture modes shift with test condition change. In addition, the HT700 alloy has relatively stable microstructure at 750 ℃. Compared with IN740 and GH2984 alloys, this new alloy has higher yield strength in the temperature range from room temperature to 800 ℃. The creep life of this new alloy is much longer than that of the Ni–Fe-based superalloy GH2984. The results suggest that this new alloy is a promising material for advanced ultra-supercritical power plant applications beyond 700 ℃. Some existing wrought Ni-Cr-Co-based superalloys are being evaluated as the candidate materials for advanced ultra-supercritical power plant applications beyond 700 ° C due to their high creep strength. But they are all prohibitively expensive due to the addition of Co, Mo and W. Here we developed a new Ni-Fe-Cr-based superalloy (named as HT700 alloy) with low cost and high strength. This paper reports the mechanical properties and fracture modes of HT700 alloy to support its high temperature applications and understand prospective failure mechanisms. Fractographic examinations indicate that the fracture modes shift with test condition change. In addition, the HT700 alloy has relatively stable microstructure at 750 ° C. Compared with IN740 and GH2984 alloys, this new alloy has higher yield strength in the temperature range from room temperature to 800 ° C The creep life of this new alloy is much longer than that of the Ni-Fe-based superalloy GH2984. The results suggest that this new alloy is a promising material for advanced ultra-supercritical power plant applications beyond 700 ° C.