The precipitation behaviors of hot rolling and cold rolled annealing steel plates strengthened complexly by titanium and molybdenum were studied in the paper. The microstructures and precipitate phases were analyzed using optical microscope (OM), scanning electron microscope (SEM), transmission electron microscope (TEM) with energy disperse spectroscopy (EDS). The results showed that the coarsening square TiN phase and the fine roundness (Ti,Mo)C phase were precipitated mostly in the hot rolled steel plate. As the finishing temperature decreased and coiling holding time increased, the quantity of fine precipitates increased. And also the fine round precipitates increased, dispersion expanded and shape of the phase being uniformed as the annealing temperature increased. Therefore, the strengthen effects can be improved effectively by a reasonable control toward titanium and molybdenum precipitation behaviors.