In nuclear power plants, the corrosion products are generated from the surface of carbon steel piping and components. The corrosion products are transported into the secondary side of a stem generator (SG) from the feed water piping, and deposited on the surface of SG components such as SG tube, tube sheet, tube support plate. In order to remove the SG sludge, the sludge lancing and chemical cleaning should be performed periodically during the planned preventive maintenance. After the sludge lancing, the SG sludge samples could be collected and characterized using various analysis techniques. The SG sludge characteristic analysis results could be utilized to predict the integrity of SGs. The purpose of this study is to analyze the microstructure of the SG sludge collected from an operating pressurized water reactor. The flake deposits were polyhedral or spherical in shape and mostly composed of magnetite and contained small amounts of trevorite, jacobsite, and metallic copper particles. The various impurities such as sulfur, sodium, chloride, phosphrous, copper, and lead were detected in SG deposit samples. The concentration of impurities within the micro-pores of the flake deposits was evaluated to be 2 × 106~3 × 107 for copper and 2 × 105 ~5 × 105 for sulfur, sodium, and chloride. We calculated the impurity concentration factor within the micro-pores of SG deposits. When the metallic Cu and Pb particles and SG materials are electrically contacted and exposed the same electrolyte, Cu and Pb would behave as the cathode of the galvanic cell, while Alloy 600 and Alloy 690 would act as the anode and increase the corrosion rate. In addition, the stable states of impurities such as copper, lead, sulfur, and chloride were calculated in the secondary coolant condition of SG using thermodynamic calculation software. We also discussed the corrosion behavior prediction at the interface between the SG tube surface and the sludge.