The formation of the irregular γ′ precipitates in the nickel-based superalloy Waspaloy was investigated during the continuous cooling, which is relevant to the cooling rates and interrupted temperature. The morphology of the γ′ precipitates was observed to change from a dispersed sphere to the flower-like one with the decreasing of the cooling rates. It was found that there are three modes of transportation of the solute atoms involved in relation to the γ′ precipitates: dissolution from the small γ′ precipitates to the γ matrix, diffusion to the large γ′ precipitates from the matrix, and the short distance among γ′ precipitates close to each other. Meanwhile, the slower cooling rates tend to result in the serrated grain boundaries, and the wavelength between successive peaks (λ) and the maximum amplitude (A) are larger with the decreasing of the cooling rates. The content of the low ΣCSL boundaries increases with the decreasing of the cooling rates, which is of great benefit in improving the creep property of the Waspaloy.