Overlaid weld metals of austenitic stainless steel in a pressure vessel of power reactor are usually post-weld heated for a long period of time after welding. The PWHT is considered as a kind of sensitizing and it is important to check the soundness of the weld metal after PWHT, especially about the precipitation of carbides. The purpose of this report is to obtain information on the relation between the change of microstructure and Post-Weld Heat Treatment in the overlaid weld metals. Metallurgical aspects of the problem on austenitic stainless steel heated at $625^{circ}C$, $670^{circ}C$, $720^{circ}C$ and $760^{circ}C$ for 3, 10, 30, 100 and 300 hours have been investigated by means of optical-micrography, micro-hardness measurement, scanning electron microscope and electron-probe micro analysis. From the results obtained, the following conclusions are drawn; 1) The PWHT above $625^{circ}C$ for a long time causes a diffusion of carbon atoms from low alloy steel into stainless steel, and consequently carbon is highly concentrated at the boundary layer of stainless steel. 2) C in ferritic steel migrated to austenitic steel and carbides precipitated in austenitic steel along fusion line. At higher temperatures, the ferrite grains coarsened in the decarburized zone. 3) In the change of microstructure of stainless steel overlaid weld metal, the width of carbides precipitated zone and decarburized zone increased with increase of PWHT temperature and time. 4) At about $625^{circ}C$ to $760^{circ}C$, chromium carbides, mainly $M_{23} C_6$, precipitate very closely in the carburized layer with remarkable hardening. 5) Precipitation of delta ferrite from molten weld metal depends on solidification phenomenon. There was a small of ferrite near the bond in which the local solidification time was short, comparing with after parts of weld metal. Shape and amount of ferrite were not changed by Post-Weld Heat Treatment after solidification.