The invention provides novel heat-resistant steel for a key hot end part of an ultrahigh-parameter steam turbine. The novel heat-resistant steel is prepared from the components in percentage by weight: 0.02-0.08% of C, 8.00-10.00% of Cr, 2.0-4.0% of Co, 2.0-4.0% of W, 0.10-0.80% of Mo, 0.10-0.30% of V, 0.30-0.70% of Ni, 0.05-0.15% of Nb, 0.010-0.050% of N, 0.010-0.030% of B, 0.1-1.0% of rare earthelements, no more than 0.10% of Si, 0.10-1.00% of Mn, and the balance of Fe and inevitable impurities. The novel heat-resistant steel belongs to martensitic heat-resistant steel and has the good high-temperature property and oxidation resistance property, thus temperature parameters of the steam turbine are increased, and the power generating efficiency of the steam turbine is improved advantageously.