A laboratory‐scale hot‐rolled Ti–Mo–V–Nb steel with 1 GPa tensile strength is produced, and its microstructure and tensile properties are characterized using advanced analysis techniques and uniaxial tensile testing. A Gleeble 3800 thermomechanical simulator is used to determine a process window for the thermomechanical controlled processing (TMCP) procedure. Although the simulated TMCP specimens are fully ferritic at coiling temperatures (CT) of 590 and 630 °C, the bainitic and mixed (bainitic + ferritic) microstructure is formed in the hot‐rolled steels. The variation in the microstructure causes variations in the dislocation density through the sheet thickness, which significantly reduces the steel's ductility properties, whereas a 16% elongation is achieved with the fully bainitic microstructure. Another significant difference between the simulated TMCP and hot‐rolled specimens is the precipitation behavior. No nanosized interphase‐precipitated (IP) carbides are formed in the hot‐rolled steel during the austenite‐to‐ferrite phase transformation, although the formation of the nanosized spherical IPs is observed within the polygonal ferrite grains of the simulated TMCP specimens at the CT of 630 °C. Relatively coarse (5–20 nm) spherical (V,Mo,Ti,Nb)C carbides do not strongly affect the tensile properties of the hot‐rolled Ti–Mo–V–Nb steel. The results show that the dislocation and grain boundary strengthening mainly contribute to the strength properties of this steel.