Simultaneously improving the toughness and strength of B-microalloyed steel by adding microalloying elements (Nb, V, Ti) has been an extensively usedmethod for researchers. However, coarse Ti(C, N) particle will precipitate during solidification with inappropriate Ti content addition, resulting in poor impact toughness. The effect of the size, number density, and location of Ti(C, N) particle on the impact toughness of B-microalloyed steel with various Ti/N ratios was investigated. Coarse Ti(C, N) particles were investigated to act as the cleavage fracture initiation sites, by using scanning electron microscopy (SEM) analysis. When more coarse Ti(C, N) inclusions were located in ferrite instead of pearlite, the impact toughness of steel with ferrite–pearlite microstructure was lower. Meanwhile, when the size or the number density of Ti(C, N) inclusions was larger, the impact toughness was adversely affected. Normalizing treatment helps to improve the impact property of B-microalloyed steel, owing to the location of Ti(C, N) particles being partly changed from ferrite to pearlite. The formation mechanism of coarse Ti(C, N) particles was calculated by the thermodynamic software Factsage 7.1 and Thermo-Calc. The Ti(C, N) particles formed during the solidification of molten steel, and the N-rich Ti(C, N) phase precipitated first and, then, followed by the C-rich Ti(C, N) phase. Decreasing the Ti and N content is an effective way to inhibit the formation of coarse Ti(C, N) inclusions.