In this paper, the thermomechanical process and hot rolling process were carried out to study the microstructure evolution and mechanical property of low-alloy steel used for armor layer of flexible pipes by analyzing continuous cooling transformation curve, microstructure morphology, grain characteristics, and strength. The experimental results indicate that deformation process promotes phase transformation process of both ferrite and bainite and induces the formation of fine grain. The density of low-angle grain boundary rises with increasing cooling rate. The dislocation concentration in grain becomes larger with the extended cooling rate. The microstructure of hot-rolled specimen consists of polygonal ferrite and granular bainite, which is consistent with one of the deformed specimens with similar cooling rate in dilatometer. The microstructure evolution provides effective data fundament for hot rolling process.