In this work, the stabilities of secondary phases, including carbides, brittle phases, and inclusions, were simulated by computational thermodynamics. Calphad strategical optimization is preferable for all steel alloys regarding energy resource consumption during manufacturing and processing. The alloy composition has been changed to enhance the strength, hardenability, and longevity of a reactor pressure vessel (RPV) steel by computing the phase equilibrium calculations and predicting mechanical properties such as yield and tensile strengths hardness and martensitic and bainitic volume fractions. The stabilities of the pro-eutectoid carbides (cementite), inclusions, and brittle phases in SA508 steel are critical to the toughness and fatigue life related to the crack initiation and expansion of this steel. Overall, the simulations presented in this paper explain the mechanisms that can affect the fatigue resistance and toughness of steel and offer a possible solution to controlling these properties at elevated temperatures by optimizing the steel composition and heat treatment process parameters.