The equilibrium phases in P/M superalloy FGH96 were calculated by Thermo-Calc software and the relevant Ni-base superalloy database. The effects of element content in the allowable variation on the precipitation behavior of γ′ and carbides were analyzed. The calculation results show that the equilibrium precipitation phases are γ′, MC, M23C6, MB2, M3B2 and TCP phases. The solution temperature and precipitation amount of γ′ are significantly increased with more Al, Ti and Nb. The amount of carbides and the precipitation temperature of MC are mainly influenced by the content of carbon. The precipitation temperature of carbides is significantly increased with the Al content increasing and the Nb content decreasing; in particular, Al has a more important effect.