Abstract: Low carbon microalloyed steel containing 0.062% C, 2.34% Mn,0.044% Nb, 0.029% Ti, 0.032% V in mass fraction and small amount of B was prepared in laboratory. Slabs of the steel were rolled into plates of 6mm in thickness followed by accelerated cooling. The plates possess very high yield strength and reasonable ductility, and the yield ratio is about 0.8. Ultra-fine ferrite structure with micrometer dimension was observed in the surface layer of the plates. Moreover, the effect of the finishing rolling temperature on the final microstructure and formation mechanism of ultra-fine ferrite as well as the γ→α transformation behavior of the steel was discussed.