GH4350, or AEREX 350, is a Ni-based wrought superalloy developed for high-performance fasteners operating up to 750°C. It is valued for its high tensile strength, fatigue resistance, stress rupture and relaxation resistance, corrosion resistance, low thermal expansion, and notch sensitivity. GH4350’s strength is largely derived from the incorporation of solid solution strengthening elements and the precipitation of γ′ phases, along with a minor presence of η phases. However, the alloy’s microstructure is sensitive to heat treatment, as γ′ phases can transform into η phases under certain conditions, potentially reducing its performance. This transformation is influenced by specific heat treatment parameters, including temperature and time. This review provides an overview of GH4350’s chemical composition characteristics, heat treatment strategies and strength-enhancing characteristics, aiming to deepen understanding of the factors behind its remarkable high temperature properties and to guide the development of new alloys or enhancements to boost its temperature capabilities.