In this study, the trade-off between strength and low-temperature toughness of high-strength low-alloy (HSLA) structural steel was solved by adding trace Ce, which increased yield strength by 5.4 % and Charpy V-notch (CVN) impact energy at −40 °C by 57.9 %. The strengthening and toughening mechanism was revealed by multi-scale characterization. The results show that the strain hardening ability is improved after adding Ce. The grain size is refined and the geometrically necessary dislocation (GND) density increases to ensure the strength improvement. The CVN impact specimens change from cleavage fracture to quasi-cleavage fracture. The grain size, inclusions and high angle grain boundaries (HAGBs) are refined and optimized, which enhances the resistance to impact crack propagation and improves the low-temperature impact toughness.