Microstructural evolution during aging treatment in a high tensile precipitation hardening stainless steel (X4CrNiSiTi14-7) has been investigated. Matrix consists of martensitic structure and the combined addition of Si and Ti causes an intermetallic phase type Ni16Ti6Si7 that precipitates with-in grains and enhance precipitation strengthening. This material shows a good combination of high strength and ductility. Light-Optical microscopy, electron back scattered diffraction, transmission electron microscopy and X-ray diffraction analysis have been used to study the microstructural evolution during aging. It has been found that precipitations of various kinds are taking place during aging treatments including nm-scaled G-phase and various carbides. Higher aging temperatures lead to reverse transformation of martensite to austenite.