Effect of V addition on the precipitation behavior and strength of Fe-36Ni based high strength Invar alloy for power transmission wire was investigated. Fe-36Ni Invar alloy plates were fabricated using conventional ingot casting followed by hot rolling. High strength can be obtained through precipitation hardening and strain hardening by cold rolling. Simulation using FactSage$^{(R)}$ revealed that equilibrium phases which can be formed are two kinds of MC-type precipitates, $Mo_{2}C$ and $M_{23}C_6$ carbide. The latter stoichiometric carbide was expected to be formed at relatively lower temperature of $800^{circ}C$.