The continuous cooling transformation behavior and microstructure evolution of high strength shipboard steel EH47 were studied by thermal simulation experiment. The results show that the increase of cooling rate can accelerate ferrite and bainite transformation but restrain pearlite transformation of the steel. With the increase of cooling rate, the percentage of ferrite decreases while the percentage of bainite increases, meanwhile, almost no pearlite is produced. At the same time, with the increase of cooling rate, the microstructure becomes more uniform and finer, and the hardness increases. By comparing and studying the hardness values of the steel at different cooling rates, it can be found that deformation increases the degree of work hardening. Under the same cooling rate, the hardness of the deformed EH47 steel is higher compared with that of the undeformed, though it is not significant.