Material degradation should be considered to assess integrity and residual life of high temperature equipments. However, the property data reflecting degradation are not sufficient for practical use. In this study measuring properties for 1Cr-1Mo-0.25V forging steel generally used for turbine rotor was carried out. Degradation was simulated by isothermal ageing. heat treatment and variation of microstructure was observed. Mechanical properties such as tensile strength, impact energy, hardness and fracture toughness were measured. Assuming a semi-elliptical surface crack at the bore hole in a turbine rotor, material risk was estimated by using the aged material property data obtained in this study. Safety margin was decreased and life of the rotor was exhausted. This procedure can be used in assessing the residual life of a turbine rotor due to material degradation.