This article investigates the precipitation behavior of Mo element in the continuous cooling phase transformation process of weathering steel of bridge construction and its influence on microstructure and hardness. The results demonstrate that the addition of Mo leads to the narrowing of the phase transformation interval of proeutectoid ferrite and pearlite, the expansion of the bainite transformation zone, a delayed bainite phase transformation process, and the refinement of bainite microstructure. Moreover, theoretical calculations of bainite phase transformation kinetics reveal that the average activation energy for bainite transformation in Mo‐free and Mo‐containing steels is 94.8 and 134.0 kJ mol−1, respectively. The new grains of Mo‐free steel mainly grow in a 2D mode, while Mo containing steel mainly grows in a 1D mode, which confirms the retarding effect of Mo on bainite grain growth. Additionally, Mo significantly increases the number density and refines the size of precipitated phases in weathering steel of bridge construction. Within the cooling rate range of 0.1–30 °C s−1, the hardness of weathering steel of bridge construction is enhanced by Mo, with the magnitude of hardness increment decreasing as the cooling rate increases. This behavior is primarily governed by the combined influence of phase transformation strengthening and precipitation strengthening.