ABSTRACTThe role of ultrafast cooling (UFC) on the grain refinement of ferrite, the precipitation behavior of cementite particles and the mechanical properties of a mild steel (Q235 grade) was evaluated by applying laminar cooling and UFC and varying the finish cooling temperature ranges during UFC after hot rolling. While UFC refined the ferrite grains, it accumulated the degeneration of pearlite, resulting in complete disappearance of the laminar pearlite at relatively low finish cooling temperatures. The minimum mean size of spheroidized cementite particles reached ~110 nm. Meanwhile, the enhancement of UFC on tensile strengths of mild steels mainly resulted from the grain refinement of ferrite and the precipitation strengthening of cementite particles; however, the contribution varied with the finish cooling temperature of UFC. A modified Ashby–Orowan model was also used for evaluating the yield strength increment of medium plates. This work will provide a theoretical basis for the diversity control of microstructure and for developing stronger and tougher mild steels by introducing UFC technology after high-temperature rolling.