This study focuses on investigating the precipitation behavior of the expanded austenite during low-temperature salt bath nitrocarburizing by adjusting the treatment temperature and time. The results indicate that the nitrocarburizing layer consists of a N-rich expanded austenite layer near the surface, and a C-rich expanded austenite layer closer to the substrate. Notably, all precipitates occur within the N-rich expanded austenite. When the temperature exceeds 430 °C, Cr3C2 and M2-3N emerge in the near-surface region. Furthermore, at 470 °C, with the prolongation of time, the M2-3N near the surface gradually decreases and even disappears, as the increase in carbon content within the N-rich expanded austenite enhances its stability. Specifically, at 430 °C, due to the high chemical potential of carbon and the nitrogen-induced lattice expansion, M5C2 forms near the interface between the N-rich layer and the C-rich layer. However, when the temperature rises to 470 °C, a significant amount of thermodynamically more stable M7C3 and M23C6 precipitates with the assistance of chromium diffusion. These findings may provide new insights for the process design and performance optimization of nitrocarburizing.