he equilibrium precipitated phases and non-equilibrium solidification of GH4133B alloy were studied by Thermo-Calc software, in order to find the theoretical foundation of heat treatment and hot work processing. The microstructure of the alloy was also observed. The results show that the quantitative calculated results of the precipitated temperature and mass fraction of g ￠ phase based on the effect Ti and Al content were acquired. The content of C can affect the M23C6’s mass fraction but have no influence on its precipitated temperature. The content of Cr has a main effect on the M23C6’s precipitated temperature but no influence on its mass fraction. Further study was done on the relation between the content of Ti & Al and the precipitation of η phase. The precipitation and distribution condition during aging treatment of η phase were also proofed by experiments.