Precipitation characteristics of second phase in low-carbon steel produced by FTSR technology have been researched by TEM and EDS in this article. And preliminary research of precipitation conditions of second phase particles in thermodynamics and dynamics have been took. The results indicate that: there’re second phase particles precipitated dispersively in hot rolled low-carbon steels by FTSR technology. These particles mainly contain particles of Al2O3, MnS and AlN, and the precipitate size is about tens to hundreds of nano. Thermodynamical analysis declares that most of the Al2O3 and all of the MnS, AlN particles are precipitated in solid state. That’s why the precipitation process is slowed down by the diffusion velocity of the elements in solid, and thinner particles are precipitated while the material is in solid state than in liquid state. Different from the traditional plate rolling production of Al-killed steel, the precipitation of AlN particles are mainly controlled by the continuous casting process in thin slab casting and rolling process, but almost no precipitation of AlN particles in the rolling process.