A novel DS superalloy DZ142 was developed in order to maximize the longitudinal rupture strength while retaining acceptable ductility with good environmental properties. The microstructure, the creep rupture, the hot corrosion and the oxidation resistance of DZ142 alloy were studied by scanning electron microscopy，optical microscopy and X-ray diffraction. The results indicate that the microstructure of the alloy after heat treatment are composed of γ, γ￠,(γ+γ￠) eutectic and carbides. After long term aged, DZ142 alloy exhibits good microstructure stability without deleterious TCP phases and the carbide is still of MC type. The creep rupture, the hot corrosion and the oxidation resistance of DZ142 alloy is better than those of DZ125L alloy