This study provides a comprehensive analysis of the mechanical properties and microstructural evolution of Inconel 617 superalloy during long-term aging at 760 °C, aiming to elucidate the multi-stage evolution mechanism of the γ' phase at twin boundaries and M23C6 carbide interfaces. The findings indicate that twins predominantly form during solution annealing, while M23C6 carbides are preferentially precipitated at twin boundaries, followed by the ordered nucleation of the γ' phase at the twin boundary/M23C6 interface, resulting in the formation of a unique twin boundary/M23C6/γ' composite microstructure. The γ' phase at this interface undergoes a multi-stage evolution, encompassing disordered atomic aggregation, ordered precipitation, coarsening, and dissolution, ultimately reaching a stable state. Selective atomic diffusion is crucial in this process, with Cr and Mo preferentially diffusing toward twin boundaries to facilitate M23C6 carbide precipitation, while Al and Ti gradually promote γ' phase formation at the twin boundary/M23C6 interface. Furthermore, the multi-stage evolution of the γ' phase, driven by interdiffusion, effectively suppresses the coarsening of M23C6 carbides at twin boundaries. The synergistic evolution and mutual inhibition between M23C6 carbides and the γ' phase at twin boundaries are critical to maintaining the long-term thermal-mechanical stability of the alloy. This multi-stage evolution mechanism underscores the importance of tailoring precipitation behavior to optimize the long-term mechanical properties of Inconel 617 superalloy.