The microstructural evolution of 18Cr18Mn2Mo0.77N high nitrogen austenitic stainless steel in aging treatment was investigated by optical microscopy (OM), scanning electron microscopy (SEM), and transmission electron microscopy (TEM). The results show that hexagonal intergranular and cellular Cr2N with a=0.478 nm and c=0.444 nm and body-centered cubic intermetallic x phase with a=0.892 nm precipitate gradually in the isothermal aging treatment. The matrix nitrogen depletion due to the intergranular Cr2N precipitation induces the decay of Vickers hardness, and the formation of cellular Cr2N and % phase causes the increase in the values. The impact toughness presents a monotonic decrease and SEM morphologies show the leading brittle intergranular fracture. The tensile strength and elongation deteriorate obviously except for the sample aged for 1 h in yield strength. Stress concentration occurs when the matrix dislocations pile up at the precipitation and matrix interfaces, and the interfacial dislocations may become precursors to the misfit dislocations, which can form small cleavage steps and accelerate the formation of cracks.