The present study focuses on the Ti-V microalloying system which draws less attention. By using the Formaster-FII dilatometer，the sample was held at austenite/ferrite dual- phase temperature region and the Ti-V complex interphase precipitates were obtained during the austenite to ferrite transformation. Optical Microscopy （OM） and transmission electron microscopy （TEM） were employed to analyze the microstructure，especially the morphology of the interphase precipitate and its crystallographic orientation relationship with ferrite matrix. Studies show that 650 ℃ is the nose temperature for static isothermal transformation. The interphase precipitates exhibit sheet-like distribution，including flat and curved sheets and adopt Baker-Nutting orientation relationships with the ferrite matrix.