Conventionally manufactured 35CrMo cold heading steel must undergo spheroidization annealing before the cold heading process. In this paper, different types of deformation processes with various controlled cooling periods were operated to achieve on-line spheroidal cementite using the Gleeble-3500 simulation technique. According to the measured dynamic ferrite transformation temperature (A_d3), the deformation could be divided into two types: low temperature deformation at 810 and 780℃; “deformation-induced ferrite transformation” (DIFT) deformation at 750 and 720℃. Compared with the low temperature deformation, the DIFT deformation followed by accelerated cooling to 680℃ is beneficial for the formation of spheroidal cementite. Samples subjected to both the low-temperature deformation and DIFT deformation can obtain granular bainite by accelerated cooling to 640℃; the latter may contribute to the formation of a fine dispersion of secondary constituents. Granular bainite can transform into globular pearlite rapidly during subcritical annealing, and the more the disperse phase, the more homogeneously distributed globular cementite can be obtained.