AbstractThe Time–Temperature–Precipitation diagram ofM23C6carbide formation was established for a Nimonic 105 Ni-based superalloy by means of microstructural observation and mathematical-thermodynamic analysis. The results showed that during heat treatment at 750 °C,M23C6carbide usually forms at grain boundaries due to the decomposition ofMC carbides, indicating that the grain boundaries promoteM23C6carbide precipitation. Also, by increasing temperature or time, diffusion rate increases and new diffusional paths (such as γ matrix and twinning) are provided leading to the nucleation of these phases inside the matrix by means of γ→M23C6+ γ′ reaction. According to thermodynamic analysis, the interactions betweenM23C6formation Gibbs free energy and diffusion activation energy of elements, especially carbon, definesM23C6precipitation behavior. The peak of the Time–Temperature–Precipitation diagram was calculated to be about 900 °C based on experimental results, and about 927 °C based on thermodynamic results. These two temperatures can be considered as approximately equal.