The use of P92 is becoming more and more widespread in high temperature steam pipe of super-ultracritical power station boilers, it’s key material for the manufacture of boiler’s four main pipes. The properties of P92 are closely related with its microstructure, and the microstructure of P92 has strong relationship with its’ composition and hot processing technology. Three types of P92 with different composition have been prepared. The relationship of delta ferrite between composition, smelting and heat forging process has been investigated for these three samples. The results show that the delta ferrite can be avoided by the adjustment of composition and making process, the delta ferrite will occurred in the matrix of P92 which without delta ferrite before heat treatment if the heat temperature exceed 1200°C , the delta ferrite existed in P92 ingot matrix resulted from the composition cannot be eliminated by hot working and heat treatment.