The microstructure-property relationship for a NbTi-microalloyed ferritic steel was studied as a function of thermo-mechanical schedule using a Gleeble 3500 simulator, optical and scanning electron microscopy, and atom probe tomography. Contributions to the yield stress from grain size, solid solution, work hardening, particle and cluster strengthening were calculated using the established equations and the measured microstructural parameters. With a decrease in the austenite deformation temperature the yield stress decreased, following a decrease in the number density of > 20 nm Nb-rich particles and 5 nm Nb-C clusters, although the grain refinement contribution increased. To achieve the maximum cluster/precipitation strengthening in ferrite, the austenite deformation should be carried out in the recrystallisation temperature region where there is a limited tendency for strain-induced precipitation. Based on the analysis of cluster strengthening increment, it could be suggested that the mechanism of dislocation-cluster interaction is closer to shearing than looping.