The dissolution and precipitation of Nb, which has been known as strong carbide-forming element, play a key role in controlling phase transformation kinetics of microalloyed steels. In this study, we analyzed both numerically and experimentally the precipitation behavior of Nb-microalloyed steel and its effect on the austenite decomposition during cooling. Nb precipitation in austenite matrix could be predicted by the thermo-kinetic software MatCalc, in which interfacial energy between precipitate and matrix is calculated. The simulated precipitation kinetics fairly well agrees with the experimental observations by TEM. Austenite decomposition, which is strongly affected by Nb precipitation during cooling, was measured by dilatometry and was modeled on the basis of a Johnson-Mehl-Avrami-Kolmorgorov(JMAK) equation. It was confirmed that the dissolved Nb delays the austenite decomposition, whereas, the precipitated Nb accelerates phase transformation during the austenite decomposition.