The yield ratio of various HSLA steels has been correlated with the materials constants of Swift equation. It has been shown that the materials constants, b and N, of Swift equation can be related to microstructural features such as the dislocation density and volume fraction of constituent phases. In particular, the constant b can be expressed as a function of volume fraction of constituent phases. It has also been shown that the yield ratio has a linear relationship with ln(b/N2). Since the microstructural features often have opposing effects on the values of b and N, careful control of microstructure is necessary to optimize the yield ratio and other properties. The possible way of decreasing the yield ratio without sacrificing other properties of HSLA steels is suggested based on the relationship between yield ratio and the materials constants of Swift equations.