In this work, the precipitates in Ti−Mo−V steel were systematically characterized by high-resolution transmission electron microscopy (HRTEM). The thermodynamics and kinetics of precipitates in Ti−Mo and Ti−Mo−V steels were theoretically analyzed, and the effect of vanadium on the precipitation behavior was clarified. The results showed that the precipitation volume fraction of the Ti−Mo−V steel was significantly higher than that of Ti−Mo steel. The randomly dispersed precipitation and interphase precipitation (Ti, Mo, V)C particles coexisted in the Ti−Mo−V steel. When the temperature was higher than 872 °C, the addition of vanadium could increase the driving force for (Ti, Mo, V)C precipitation in austenite, resulting in an increased nucleation rate and shortened incubation period, promoting the (Ti, Mo, V)C precipitation. When the temperature was lower than 872 °C, the driving force for (Ti, Mo, V)C precipitation in austenite was lower than that for (Ti, Mo)C precipitation, and the incubation period of (Ti, Mo, V)C precipitation was increased. Moreover, it was also found that the precipitated-time-temperature curve of (Ti, Mo, V)C precipitated in the ferrite region was “C” shaped, but that of (Ti, Mo)C was “ε” shaped, and the incubation period of (Ti, Mo, V)C was significantly shorter than that of (Ti, Mo)C.