Dissolution and precipitation reactions of the carbides occurred during heat treatment of 12Cr-1MoVW steel were studied. Transmission electron microscopy and energy dispersive X-ray spectroscopy were used to determine types and chemical compositions of precipitates. The dissolution of the M_(23)C_6 carbide took place during normalizing treatment through the diffusion of chromium atoms. Upon tempering, types of M₃C and M_(23)C_6 precipitates were formed depending on the tempering conditions. The chemical composition of M₃C formed at low tempering temperature is similar to the base material, but the enrichment of chromium and depletion of iron in M₃C occur with increasing the tempering time and temperature. On the other hand chromium content decreases and iron content increases in M_(23)C_6 carbide with increasing the tempering temperature. M_(23)C_6 forms at the δ-ferrite/tempered martensite interface regardless of tempering temperatures. The chromium content of M_(23)C_6 formed at low temperature is low, but chromium content increases and iron content decrease in M_(23)C_6 with increasing the tempering time and temperature.