According to the composition characteristics of mineral elements in underground brine in the Sichuan basin of China, the complete phase equilibria and phase diagram of the quinary system LiBr–NaBr–KBr–MgBr2–H2O were studied at 298.15 K. Using the experimentally determined solubilities and equilibrium solids, the spatial stereo phase diagram of the quinary system, the dry base projection phase diagrams of the saturated surfaces of the four salts MgBr2·6H2O, KBr, LiBr·2H2O, and NaBr·2H2O, and the corresponding water content diagrams were plotted, respectively. The experimental results show that at 298.15 K, in addition to the four original components, the anhydrous salt NaBr and the double salt KBr·MgBr2·6H2O are formed. The phase diagram of the quinary system at 298.15 K contains 10 univariate curves, three invariant points, and six equilibrium solid-phase crystallization regions (KBr crystallization region, NaBr crystallization region, NaBr·2H2O crystallization region, MgBr2·6H2O crystallization region, LiBr·2H2O crystallization region, KBr·MgBr2·6H2O crystallization region). When MgBr2·6H2O or KBr is saturated, LiBr has a strong salting-out effect on KBr, NaBr, or MgBr2 and NaBr, while when LiBr·2H2O is saturated, MgBr2 has a salting-out effect on KBr and NaBr. All four saturated projection surfaces have MgBr2·6H2O, and NaBr is generated. These phase equilibrium data can provide a theoretical basis to guide underground brine mining and extract useful components.