This work is an investigation of the microstructure and kinetics of the phenomena occurring inside Alloy 33 (Fe-Ni- Cr-Mo-Cu-N), a metallic system developed by Krupp VDM to endure high temperatures and corrosive environment. Alloy 33 incurs continuous and discontinuous precipitation simultaneously, as a result of the aging treatment induced in a temperature range correspondent to the one of a welding process in the referred material. The microstructural characterization was performed by optical microscopy, scanning electron microscopy and transmission electron microscopy, including microanalysis, due to the nanometric nature of the precipitated phases. Discontinuous precipitation produces a lamellar structure along grain boundaries as a result of a cooperative growth between the lamellae, involving substitucional and interstitial atoms, Cr and N respectively. Continuous precipitation occurs inside grains, generating precipitates with different morphologies. Microanalysis reveals that products of both precipitation reactions grow competing for Cr. A kinetic-morphological analysis points to the non-stationary characteristic of the discontinuous precipitation, where the transformation rate diminishes until it stops completely, as aging occurs.