Excellent properties (durability, wear and corrosion resistance) and long service life under extreme conditions are essential for the successful application of metallic materials in the energy sector. In particular, for future fusion applications, high Cr ferrous alloys (in our case Eurofer) are of great interest. Importantly, modified microstructure with higher dimensional stability improves corrosion and wear resistance properties. In this study, we successfully manipulate the desired type of microstructure, which could provide a solution to current challenges in such a high temperature, highly corrosive and highly irradiated environment, using a novel technique of cryogenic processing (CP). The research identifies the CP-driven changes not only to the microstructure, but also to the local chemistry and bonding state of the key alloying elements. The correlations and individual phenomena associated with CP have been evaluated using state-of-the-art techniques such as atom probe tomography and synchrotron-based in-situ scanning photoemission spectroscopy. This novel process and its novel microstructural manipulation opens up new possibilities for materials processing for future energy applications.