Precipitation of carbides, nitrides, and carbonitrides is an important factor influencing the formation of surface transverse cracks in the continuous casting of microalloyed steel, affecting the quality and yield of the final product. Based on previous investigation, the precipitation sequence and temperature, position and mode, as well as the size, morphology, and number of different types of precipitates were reviewed. The effects of C, N, Nb, Ti, and V on the precipitation behavior and surface transverse cracks in continuous casting slabs were summarized, with a particular emphasis on the new achievements concerning Ti addition. The critical amounts of different elements to avoid serious surface cracks during continuous casting were proposed. The control mechanisms and industrial effects of composition optimization, cooling design, and chamfered mold configuration to improve surface transverse cracks in continuous casting slabs were also illustrated, and the recent application of surface microstructure control technology was emphasized. The characteristics, advantages, and shortcomings of existing theoretical and experimental methods in investigating continuous casting surface cracks regarding precipitation are finally discussed, and a new setup with advanced functions is introduced.