In this paper, quantitative two-dimensional (2-D) phase-field simulations were performed to gain insight into the effects of B and Nb for Al-Ti-Nb balanced-ratio GH4742 alloys. The microstructure evolution during the precipitation process was simulated using the MICRESS (MICRostructure Evolution Simulation Software) package developed in the formalism of the multi-phase field model. The coupling to CALPHAD (CALculation of PHAse Diagram) thermodynamic databases was realized via the TQ interface. The morphological evolution, concentration distribution, and thermodynamic properties were extensively analyzed. It is indicated that a higher Nb content contributes to a faster precipitation rate and higher amounts and the smaller precipitate size of the γ′ phase, contributing to better mechanical properties. The segregation of the W element in γ′ precipitate due to its sluggish diffusion effect has also been observed. Higher temperatures and lower B contents accelerate the dissolution of boride and reduce the precipitation of borides. With the increased addition of B, the formation of borides may have a pinning effect on the grain boundary to hinder the kinetic process. In addition, borides are prone to precipitate around the interface rather than in the bulk phase. Once the M3B2 borides nucleate, they grow in the consumption of γ′ phases.