A new low carbon titanium and niobium microalloyed steel has been thermomechanically processed in a pilot plant unit. Phase transformation phenomenon of the above steel during continuous cooling has been assessed. Evolution of microstructure and mechanical properties has also been studied at different finish rolling temperatures. A mixture of intragranular ferrite with granular bainite and bainitic ferrite along with inter-lath and intra-lath precipitation of (Ti, Nb)CN particles are the characteristic microstructural feature of air cooled steel. However, mixture of lower bainite and lath martensitic structure along with similar type (Ti, Nb)CN precipitate is observed in water quenched steel. High yield strength (896-948 MPa) with high tensile strength (974-1013 MPa) has been achieved with moderate ductility (16-17%) for the selected range of finish rolling temperature for air cooled steel. However, the water quenched steel yields higher yield strength (1240-1260 MPa) as well as higher tensile strength (1270-1285 MPa) but with lower ductility (13-14%) for the selected range of finish rolling temperature. Fairly good impact toughness values in the range of 50-89 J are obtained for the air cooled steel which are marginally higher than those of water quenched steel (42-81 J). (C) 2012 Elsevier B.V. All rights reserved.