The microstructure of 17-4 PH stainless steel at various stages of heat treatment, i.e., after solution heat treatment, tempering at 580 °C, and long-term aging at 400 °C, have been studied by atom probe field ion microscopy (APFIM) and transmission electron microscopy (TEM). The solution-treated specimen consists largely of martensite with a small fraction of δ-ferrite. No precipitates are present in the martensite phase, while spherical fcc-Cu particles are present in the δ-ferrite. After tempering for 4 hours at 580 °C, coherent Cu particles precipitate in the martensite phase. At this stage, the Cr concentration in the martensite phase is still uniform. After 5000 hours aging at 400 °C, the martensite spinodaly decomposes into Fe-rich α and Cr-enriched α′. In addition, fine particles of the G-phase (structure type D8a, space group Fm3¯m) enriched in Si, Ni, and Mn have been found in intimate contact with the Cu precipitates. Following spinodal decomposition of the martensite phase, G-phase precipitation occurs after long-term aging.