Metallurgical processing factors like kinetic and thermodynamic parameters which are essential for modeling of γ′ phase precipitation have been studied. These parameters include γ′ solvus temperature, Gibbs free energy of dissociation of the γ matrix to form γ′, nucleation rate, effective diffusivity and interfacial energy. Nucleation methods and effect of cooling rate on the final phase structure have been analyzed. Co based superalloys have been studied as a potential and promising material for aerospace applications. Effect of microporosity on the mechanical properties of Superalloys has also been analyzed.