Oxide metallurgy technology not only refines the microstructure but also modifies the type, density, and size of inclusions. This study examines the impact of Ti–Mg–Ce composite deoxidation on the inclusions and mechanical properties of S355 steel used for heavy‐duty H‐beams. Compared to base alloy, Ti–Mg–Ce‐added alloy features a higher presence of inclusions such as MgO, TiN (containing Ce), TiOx, and TiS, except for SiO2, Al2O3, MnS, and MnO. Following Ti–Mg–Ce composite deoxidation, the number density of inclusions increases by 16.4%, and the equivalent diameter, length, and width of the inclusions decrease by 41.0%, 41.2%, and 37.9%, respectively. The length of large‐angle grain boundaries in the same area increases by 20%, and the average grain size reduces by 12.5%, resulting in an enhancement of yield strength by 23.6 MPa, tensile strength by 37 MPa, total elongation by 2.1%, and impact energy by 92 J. By employing Ti–Mg–Ce composite deoxidation to optimize inclusions and microstructure, the strength, plasticity, and toughness of the experimental steel are significantly improved.