Artificial aging was performed to simulate the microstructural degradation in 2.25CrMo steel arising from long time exposure at $540^{circ}C$. It was found that the carbides became coarser and spheroidized as aging time increased. An attempt was made to evaluate the microstructural degradation in artificially aging heat treated 2.25CrMo steel by the ultrasonic attenuation and velocity measurements. Ultrasonic velocity was found essentially insensitive to the microstructural changes resulting from aging heat treatment. However, the ultrasonic attenuation was observed to increase with increasing aging time. Also, it was noticed that the change of ultrasonic attenuation with aging time was more sensitive at high frequency regions.