A theoretical model was proposed to predict complex equilibrium precipitation in Nb–Ti–V bearing microalloyed steel. It is assumed that the complex precipitate with B1 type consists of six kinds of binary compound, namely, NbC, NbN, TiC, TiN, VC, and VN. The composition of multicomponent precipitates and solute concentration in the matrix can be computed by the developed model which is based on the solubility product. The equilibrium volume fraction of the second phase particles at a given temperature can also be predicted easily. Comparison with other approaches in previous research was made. Good match demonstrated the model's validation and reliability.