The retaining ring is one of the components with the highest stress on the rotor of the turbine generator. Due to the high content of alloying elements in this type of steel, it is extremely easy to precipitate a large amount of the second phase during the forming process of a material, which deteriorates the processability, Therefore, it is very important to study the second phase precipitation of high-nitrogen steel. This work addresses the precipitation behavior of the second phase in a high-nitrogen austenitic stainless steel alloyed with V and Nb. The optical microscopy, scanning electron microscopy, transmission electron microscopy and X-ray diffractometry were applied to investigate the influence of heat treatment parameters on the morphology and composition of the precipitated particles. The addition of V and Nb results in the formation of NbVN and VN particles, of which the amount is slightly decreased after a subsequent solution treatment at 1200 °C for 1 h. The results demonstrate that an additional aging treatment at 800~1000 °C for three leads to the participation of lamellar Cr2N and the undissolved MX phase. The content of the precipitates increases with increasing both the aging temperature and the aging time. The addition of V/Nb elements effectively improves the stability of MX phase, and the existence of high energy zones (the MX phase interface and grain boundary) promotes the early formation of Cr2N. Cr2N is shown to nucleate in the high energy zones, which thereafter grows into austenite grains, demonstrating a normal discontinuous cellular growth.