High-strength low-alloyed (HSLA) steels for oil country tubular goods (OCTGs) are usually microalloyed with niobium (Nb) and vanadium (V). In this work, the microstructure and strength of HSLA steels with different Nb and V contents were studied with the purpose of investigating the role of NbC and VC carbides. The results showed that NbC carbides were responsible for restraining the growth of prior austenite grains, and when the austenitizing temperature was below 910 °C, it has been found that the prior austenite grain size was similar in steels with 0.02 and 0.006 wt% Nb addition. VC carbides could impede dislocation annihilation and refine Cr-rich carbides and martensitic blocks during tempering. Moreover, VC carbides mainly contributed to the tempering softening resistance so that the V-bearing steels exhibited a higher strength than the V-free steel after tempering at 690 °C–730 °C. To illustrate the high tempering softening resistance of V-bearing steels, the changes in various strengthening contributions induced by V addition were quantitatively evaluated. The calculation results indicated that the main reason for the high tempering softening resistance of V-bearing steels was precipitation strengthening by nanosized VC carbides, in contrast to dislocation strengthening, substructure strengthening, and precipitation strengthening due to the refinement of Cr-rich carbides.