To achieve a balanced combination of high strength and high plasticity in high-strength low-alloy (HSLA) steel through a hot-rolling process, post-heat treatment is essential. The effects of post-roll air cooling and oil quenching and subsequent tempering treatment on the microstructure and mechanical properties of HSLA steels were investigated, and the relevant strengthening and toughening mechanisms were analyzed. The microstructure after hot rolling consists of fine martensite and/or bainite with a high density of internal dislocations and lattice defects. Grain boundary strengthening and dislocation strengthening are the main strengthening mechanisms. After tempering, the specimens' microstructures are dominated by tempered martensite, with fine carbides precipitated inside. The oil-quenched and tempered specimens exhibit tempering performance, with a yield strength (YS) of 1410.5 MPa, an ultimate tensile strength (UTS) of 1758.6 MPa, and an elongation of 15.02%, which realizes the optimization of the comprehensive performance of HSLA steel.