The dynamic continuous cooling transformation (CCT) experiments of a low-carbon microalloyed building structure steel were conducted on a Gleeble-3500 thermal simulation test machine, and the corresponding dynamic CCT curve was drawn. According to the dynamic CCT curves, different austenitization temperatures were designed to clarify the influence of austenitization temperature on the transformation and microstructure of the tested steel. The results showed that when the austenitization temperatures were set as 1050, 1150 and 1250 °C, respectively, the microstructure mainly consisted of ferrite and granular bainite. With the increase of austenitization temperature, the starting temperature of ferrite transformation gradually decreased, but the starting and ending temperatures of bainite transformation gradually increased, leading to the increase of the volume fraction of granular bainite. In addition, the tensile properties of the tested steel at different temperatures were determined. The tensile strength gradually decreased with the increase of the tensile temperature, and the highest tensile strength was 502 MPa for the room-temperature sample, while the elongation showed different trends. It was the largest elongation (57.8%) at the tensile temperature of 500 °C, while the smallest value of 19.2%–23.2% was obtained in the 200–300 °C tensile samples. Finally, the fatigue property of the experimental steel was detected by plotting the corresponding fatigue curves. The fatigue limit strength under 1 million cycles was about 376.2 MPa. Results provide a theoretical reference for the setting of heating process in the real industrial production and the application of the low-carbon microalloyed building structured steel.