A physical simulation of the thermomechanical processing of the Mn-Ni-Cr-Mo low-alloy steel was performed in the laboratory rolling mill Tandem in the Institute of Modelling and Control of Forming Processes at VŠB – Technical University of Ostrava. The task was to determine the influence of the finish rolling temperature on the structural and mechanical properties of the rolled products. After different modes of rolling and slow cooling in the furnace, the final structure of the tested samples was in all cases composed of ferrite, bainite and islands of martensite. The finish rolling temperature markedly influenced a part by volume of the individual phases as well as the structure homogeneity. The results of the tensile tests at room temperature indicated that the studied steel did not show any pronounced dependence of the yield stress on the finish rolling temperature in the investigated range of values (750 – 1000 °C). On the other hand, the closely corresponding dependences of the ultimate tensile stress and elongation exhibited a considerable and very complex course, which can be explained mainly by the martensite fraction originating during the last stage of the final air cooling from temperature 600 °C.