The influence of the ferrite to austenite allotropic transformation on the stability of MXn precipitates in an iron matrix is studied. In the MX phase, M is a group IVb or Vb transition metal, such as niobium, titanium, or vanadium. X is carbon or nitrogen and n is in the range of 0.75-1.0. The application of the present model to the case of vanadium carbide reversion in a microalloyed steel is discussed.