Traditional methods for analyzing multi-element precipitation are often time-consuming, labor-intensive, and expensive. Particularly, the initial nucleation stages of such precipitations remain poorly understood. A revised precipitation theory was employed to elucidate the nucleation and growth kinetic mechanisms of quaternary (Ti, Nb)(C, N) precipitation with two modes: interphase precipitation (IP) along the migrating α/γ interface and random precipitation (RP) along dislocations. The findings indicated that TiN preferentially nucleates at the ferrite side compared to that at the austenite side. The nucleation occurring at α/γ interface leads to a precipitation particle angle of approximately 5.3° within a single IP sheet. The interface provided more favorable nucleation sites than dislocations, significantly reducing the relative nucleation time. Additionally, the initial yielding behavior and strengthening mechanism were analyzed based on the two factors of the hot-rolling microstructure and precipitation. A favorable slip system was along the RD-ND plane as the texture index of α-{110} approximately 3.74, compared to 2.20 along the TD-ND plane, resulting in the lower upper yield strength. Once the number density of mobile dislocations increased during plastic deformation, the tensile stress decreased, leading to the local plastic instability. Finally, (Ti, Nb)(C, N) contributed to a strengthening increment of about 154 MPa. This study provides critical insights into the precipitation behavior in HSLA steels, offering significant implications for the design and development of advanced materials with enhanced mechanical properties.