Steel product markets require the rolled stock with further increasing mechanical properties and simultaneously decreasing price. The steel cost can be reduced via decreasing the microalloying elements contents, although this decrease may undermine the mechanical properties. Multi-element microalloying with minor additions is the route to optimise steel composition and keep the properties high. However, this requires deep understanding of mutual effects of elements on each other’s performance with respect to the development of microstructure and mechanical properties. This knowledge is insufficient at the moment. In the present work we investigate the microstructure and mechanical properties of bainitic steels microalloyed with Cr, Mo, Nb and V. Comparison of 0.2 wt. % Mo and Cr additions has shown a more pronounced effect of Mo on precipitation than on phase balance. Superior strength of the MoNbV-steel originated from the strong solid solution strengthening effect. Superior ductility of the CrNbV-steel corresponded to the more pronounced precipitation in this steel. Nature of these mechanisms is discussed.