The sheet metal of a new Ni-based superalloy has been prepared by Electron Beam Physical Vapor Deposition (EB-PVD) technology. The phases, the microstructures and mechanical properties of this alloy before and after heat treatment have been analyzed by X-ray diffractometer, transmission electron microscope, optical microscope, scanning electrical microscope and tensile equipment. Results showed that the size of γ' particles increases gradually and the morphologies of γ' particles changed from spherical shape into cubical shape when temperature increased from low to high. Compared with as-deposited alloy, mechanical properties of heat-treated alloy were improved obviously. It is feasible that superalloy of better properties can be prepared by EB-PVD technology.