An effective way of increasing the strength and fracture toughness of reactor pressure vessel steels is to change the material specification from that of Mn-Mo-Ni low alloy steel(SA508 Gr.3) to Ni-Mo-Cr low alloy steel(SA508 GrAN). In this study, we evaluate the effects of alloying elements on the microstructural characteristics of Ni-Mo-Cr low alloy steel. The changes in the stable phase of the SA508 GrAN low alloy steel with alloying elements were evaluated by means of a thermodynamic calculation conducted with the software ThermoCalc. The changes were then compared with the observed microstructural results. The calculation of Ni-Mo-Cr low alloy steels confirms that the ferrite formation temperature decreases as the Ni content increases because of the austenite stabilization effect. Consequently, in the microscopic observation, the lath martensitic structure becomes finer as the Ni content increases. However, Ni does not affect the carbide phases such as M(23)C(6) and M(7)C(3). When the Cr content decreases, the carbide phases become unstable and carbide coarsening can be observed. With an increase in the Mo content, the M(2)C phase becomes stable instead of the M7C3 phase. This behavior is also observed in TEM. From the calculation results and the observation results of the microstructure, the thermodynamic calculation can be used to predict the precipitation behavior.