P92 steel is a modern martensitic heat-resistant steel currently used for seamless products for pressure equipment operating in supercritical operating parameters. The paper presents the results of a study on the strength properties and structure of a P92 steel welded joint used for pressure components of power units. The paper presents an assessment of the suitability for further operation of both the parent material and a circumferential similar welded joint of finished products in the form of P92 steel pipes after annealing for 3000 hours at 600 and 650°C. Annealing at 650°C results in faster increase in the size of the precipitates and their coagulation along grain boundaries of former austenite and martensite laths. The changes in mechanical properties were compared in relation to the state of the structure of the parent material and the material of the welded joint. Quantitative analysis of M₂₃C₆ precipitates was also carried out.