X-rays from synchrotron beamlines provide a powerful tool for materials analysis in circumstances where long-term materials degradation under complex loading conditions (e.g., temperature, irradiation, and stress) becomes important. This may occur for advanced gas cooled reactors. Synchrotron X-rays can help to improve lifetime assessments by providing a more in-depth understanding of microstructural damage. This article summarizes results of X-ray absorption fine spectrum analysis and X-ray magnetic circular dichroism synchrotron techniques. They were employed to evaluate various microstructural features, which are important in understanding the lifetime of materials exposed to extreme conditions. Dispersoid strengthening by yttria particles, conditions that produce nanocrystal Zircaloy, and the role of magnetism on the stability of ferritic steels were taken as examples.