This article studied the effect of molybdenum and niobium on the microstructures and mechanical properties of laboratory control rolled steels based on grade 22MnB5. The constructed continuous cooling transformation diagrams revealed that an addition of Mo significantly increased the hardenability. Especially in the case of austenite compressed below its recrystallization temperature, an Mo addition delayed ferrite and bainite formation, and it increased martensite hardness. Laboratory hot-rolling experiments with a finish rolling temperature of 850°C produced a flattened pancaked austenite. After hot rolling and direct quenching, samples were rapidly re-austenitized at 900°C followed by water quenching to simulate an actual press hardening process. Especially in the case of Nb-Mo steel, a strongly pancaked austenitic structure was achieved after hot rolling, which led to a fine, uniform prior austenite grain structure after re-austenitization and quenching. The Nb-Mo steel had a tensile strength > 1500 MPa and ~ 11% total elongation combined with good impact toughness, which can be considered excellent for this type of press hardening steel.