The microstructure and microhardness of X70 pipeline steel were investigated after conducting different processing routes. The microstructure was characterized using optical and electron microscopy. Scanning electron microscopy equipped with electron backscattered diffraction (EBSD) and transmission electron microscopy techniques were applied for investigation of different thermal processing treatment conditions. Mechanical properties were characterized by a microhardness tester. The results show that the microstructure mainly consists of granular bainite, acicular ferrite and a small amount of M/A constituents under hot rolling states. There are many dislocations inside the acicular ferrite. The thermal simulation experiments show that the microstructure becomes homogeneous with the increase in cooling rate. The acicular ferrite morphology becomes fine and uniform, and the content of M/A constituents increases at the same compression amount. The compression gives rise to the accumulated strain and stored energy, which accelerate the transformation of acicular ferrite and refine the microstructure of the pipeline steel. The microhardness rises with the increase in deformation ratio and cooling rate. The microstructure of the pipeline steel subjected to the isothermal quenching process is ultrafine ferrite and M/A islands. When the isothermal quenching temperature reaches 550 °C, a small amount of upper bainite appears in the microstructure. With the increase in isothermal quenching temperature, the microhardness decreases. Acicular ferrite is a better candidate microstructure than ultrafine ferrite for the pipeline steels.