Creep resistant high temperature martensitic steel

The disclosure provides a creep resistant alloy having an overall composition comprised of iron, chromium, molybdenum, carbon, manganese, silicon, nickel, vanadium, niobium, nitrogen, tungsten, cobalt, tantalum, boron, copper, and potentially additional elements. In an embodiment, the creep resistant alloy has a molybdenum equivalent Mo(eq) from 1.475 to 1.700 wt. % and a quantity (C+N) from 0.145 to 0.205. The overall composition ameliorates sources of microstructural instability such as coarsening of M23C6carbides and MX precipitates, and mitigates or eliminates Laves and Z-phase formation. A creep resistant martensitic steel may be fabricated by preparing a melt comprised of the overall composition followed by at least austenizing and tempering. The creep resistant alloy exhibits improved high-temperature creep strength in the temperature environment of around 650° C.