Abstract: The microstructure and properties of non-heat treated vanadium alloyed steel-40MnVS after controlled rolling have been investigated. The results showed that the strength and toughness are increases with accelerating cooled (from 0.1℃/s to 11℃/s) after rolling, because of ferrite grain refinement. The effects of finish-rolling temperature (from 850℃ to 1050℃) on the strength and ductility is unnoticeable, but the toughness is decreased clearly. When cooled speed is slower than 1℃/s, the toughness at room temperature are controlled by ferrite grain and its volume fraction.