Nickel-base superalloys contain high amounts of solutes like Cr, Mo, W, Nb, Ti, etc. These solutes promote the formation of different types of carbide and boride phases that may contain multiple elements. Researchers have mostly discussed the roles of primary elements responsible for the formation of a given carbide/boride phase, often ignoring the role of other solutes on its stability. In the present work, thermodynamic stability of carbide and boride phases in seven commercial superalloys, namely, Alloy 625, Alloy 690, Alloy 718, MAR M246, Rene 100, Udimet 710 and Nimonic 80A, has been studied using the CALPHAD based Thermo-Calc software. The aim of the study was to understand the role of different alloying elements on temperature stability and chemical compositions of equilibrium phases in superalloys. As the accuracy of CALPHAD based predictions depends upon the database used, a detailed examination of its inadequacies has also been carried out to ascertain the limitations of the predicted data. From the calculated equilibrium chemical compositions, major and minor constituents promoting the formation of carbides and borides have been identified. The individual effect of a given solute as well as the synergistic effect of two solutes on the relative thermodynamic stability of carbide/boride phases has been identified using property diagrams and isothermal sections of the temperature-composition diagrams. Most of the simulated results have been found to be consistent with the experimental data available in the literature. From a comparison of the experimental literature and the simulated data of the stable carbide and boride phases in the studied alloys, the interplay of different solutes has been deduced to define conditions under which these phases form, within the limitations of the database used. This study has helped in better understanding of general tendencies of solutes to form different carbide and boride phases in nickel-based superalloys.