Oxidation characteristics of a microalloyed low carbon steel were investigated by a hot rolling mill combined with acceleration cooling system over the cooling rate range from 20 to 70°C/s. The effects of cooling rate after hot rolling on microstructure and phase composition of oxide scale were examined. The results showed that the increase of the cooling rate has a significant influence on the decrease of the grain size and surface roughness of oxide scale. A higher cooling rate promotes the formation of retain wustite and primary magnetite precipitation while suppression of eutectoid α-iron precipitates. This provides the possibility to enhance potential contribution of magnetite precipitates with preferable ductility, and hence fabricates a desired oxide-scale structure under continuous post cooling conditions considering a suitable cooling rate.