The differences of microstructure and property of non‐quenched and tempered bainitic steel under different finish rolling temperatures was analyzed by the methods of color metallographic, scanning electron microscopy (SEM) and X‐ray diffraction (XRD). The results show that the sample with finish rolling temperature 870°C, has high yield strength, tensile strength and impact energy. Comparing with finish rolling temperature 750°C and 800°C, the sample has a higher
content of bainite phase and bainitic lath is smaller at finish rolling temperature 870°C. Meanwhile, the percentage of retained austenite is 15% and retained austenite has dispersed distribution. It indicates that, when the finish rolling temperature is higher, the experimental steel has fine phase composition, microstructure distribution and excellent mechanical properties.