The influence of the nickel content and cooling rate on niobium nitride precipitation in as-cast stainless steels were analysed. Niobium microalloying is important for mechanical properties and the prevention of intergranular corrosion in stainless steels. However, coarse precipitates can negatively affect steel properties. The precipitation of NbN depends on thermodynamic conditions, which are dictated by the chemical composition and temperature. The thermodynamic computations were used to estimate niobium nitride precipitation. Additionally, segregation models were used to predict precipitation. Three steel batches with different nickel contents (9 wt.%, 4.7 wt.%, and 0.16 wt.%) were prepared in an induction furnace and cast into sand moulds. The polished and etched samples were examined with an optical microscope, followed by a more detailed examination using a scanning electron microscope. An automatic scanning electron microscope analysis of the niobium particles was performed to obtain particle number and size distribution. Primary niobium carbonitrides, eutectic phases, and heterogenous nucleations on MnS inclusions were observed. As the proportion of nickel in the solution decreased, the solubility of nitrogen in the melt increased, which is manifested by a lower formation of primary and eutectic niobium carbonitrides, while MnS non-metallic inclusions played an important role in the heterogeneous nucleation.