Abstract: Equilibrium phases in Waspaloy superalloy and the effects of element content on them were studied by Thermo-Calc software. The results show that a higher C content leads to a higher content of carbides, but no obvious effects on their precipitation temperature. With the increase of Al and Ti, the precipitation content and precipitation temperature of γ' are raised respectively; especially Al has a more important effect. With increasing the content of Ti, the main forming element of MC, more MC can be achieved, but there is no obvious change in precipitation temperature. Cr can not change the precipitation content of M₂₃C₆, but increasing the Cr content can enhance the precipitation temperature.