This thesis aims at study the discontinuous reactions taking place at grain boundaries (GB) under high-temperature aging conditions and to identify the precipitated phases as a function of the time in a Cr-Fe-Ni alloy - Alloy 33, in view of the deleterious effect of these transformations on potential applications of this alloy in high-performance industries. Samples in the as-received condition were submitted to isothermal aging treatments at 700 C degrees, 800 C degrees and 900 C degrees. Emphasis was given to the study of aging at 800 C degrees in time intervals between 10 minutes and 100 hours in order to promote precipitation phenomena in the conventional and discontinuous modes. The microstructural characterization was carried out by light optical microscopy (LOM), analytical scanning electron microscopy (SEM) by X-ray energy dispersive spectroscopy (XEDS), electron backscatter diffraction (EBSD) and transmission electron microscopy (TEM) under conventional mode using diffraction contrast and analytical mode (STEM/XEDS). Results obtained by STEM/XEDS and electron diffraction revealed that the discontinuous transformation, by solutes partitioning, generates discontinuous precipitation (DP) colonies concomitant with GB migration and results in the precipitation of five different phases within a single DP colony: (1) Cr-rich M(23)C(6)-carbide with FCC structure, (2) Si-enriched eta-phase with diamond-cubic structure, (3) Cr-rich alpha-phase with BCC structure, (4) intermetallic sigma-phase with tetragonal structure, and (5) Cr-rich M(2)N-nitride with hexagonal structure. In summary, DP colonies in Alloy 33 upon aging at 800 C degrees evolve according the following the sequence: in the initial stages of the process intergranular precipitation (M(23)C(6)-carbide and n-phase) occurs at original GB; with the increase in aging time, the boundaries migrated fed by solute atoms in a process known as diffusion-induced grain boundary migration (DIGM), whereas alpha-Cr phase precipitates have nucleated adjacent to the GB and grew with lamellar morphology accompanying the migration of the boundary thereby developing the DP colonies. Eventually, the n-phase also precipitates both within the colony and at the DP reaction-front. Over the final stages of the DP colonies growth process occurs the nucleation and growth of the sigma-phase at the GB reaction-front and, later, M(2)N-nitride precipitates also at the reaction-front and within the DP colony. It was verified that the DP reaction growth is controlled, initially by GB diffusion of Cr and, with the progress of reaction time by the volume diffusion of the Cr, which resulted in a non-steady state growth process. In addition to the occurrence of five precipitated phases within the same colony, another striking feature of the DP reaction in Alloy 33 refers to the consistent evidence that the phase initially precipitated at original GB position (M(23)C(6)-carbide) is different from the precipitated phase with lamellar morphology (alpha-Cr phase) within the colony. This observation constitutes the first evidence for the DP phenomenon resulting in multi-phase DP colonies in multicomponent structural materials.