The phase transformation and precipitation mechanism of Nb microalloyed offshore platform steel during continuous cooling are studied by the thermal expansion method and transmission electron microscopy. The results show that a large amount of NbC is precipitated in the investigated steel during phase transformation and is classified into three types according to its size: Type I (>100 nm) is randomly generated in the austenitization stage; type II (20–100 nm) is precipitated by stress induction during thermal deformation; and type III (≈10 nm) is formed by the combination of segregated C and Nb during the cooling process after the formation of bainitic ferrite matrix. In addition, herein, a model of phase transition and precipitation behavior at different cooling rates is designed. At a low cooling rate (0.5 °C s−1), the microstructure consists of a granular structure formed by diffusion and granular bainite formed by shearing, which is a diffusion phase transformation. At a medium cooling rate (3 °C s−1), the orientation relationship of ferrite and austenite is [001]α//[011]γ and (110)α//(−1−11)γ, which is semidiffusion and a half‐shear mechanism. At a high cooling rate (15 °C s−1), there are a large number of intertwined dislocations in martensite, which is a shear mechanism.