Microstructural characteristics of the CGHAZ (coarse grained heat affected zone) made of the 2.25Cr-1Mo-V-Ti material for the thermal power plant boiler tube were discussed using the technique of tint etching. To conduct the micro structural characterization, the sample on which CGHAZ was produced by using a high temperature thermal cycle simulator, Gleeble 3500 equipment was used for comparative analyses using the existing Nital etching (ASTM E407-74) and the alkaline etching (ASTM E40785). The latter was used to observe a specific phase. For the microstructure on which the alkaline etching was experimented, the shape of a black strip (Ghost microstructure) in a few microns was observed, which was not observed from the Nital etching. It was found from the phase identifications based EPMA, EBSD and TEM experiments that the image of the black strip in a few microns represented the alpha phase in which C, Cr and Mo became segregated. In addition, it was verified that austenite and M23C6 phase were present around the segregated zone. Based on such results, the mechanism by which the image of the black strip in a few microns was formed at the CGHAZ. In this study, we have investigated the mechanism of the appeared black strip in the CGHAZ.