In order to develop low carbon bainitic Cr-B steel, experimental procedures including melting, thermal simulation study and laboratory hot rolling were adopted. The dynamic CCT diagram was established, microstructure and properties of experimental steel were also analyzed. The transformation temperature of experimental steel lies between 650～400°C and final microstructure changes fromquasi-polygonal ferrite, granular bainite to lath bainite as cooling rate increases from 0.2 to 50°C.s-1. The microstructure of steel plates, air cooled or water cooled to 530°C then air cooled, is mainly composed of granular bainite and quasi-polygonal ferrite, and the large size islands in granular bainite are responsible for the low strength and poor toughness. However, steel plate with lath bainite, water cooled to roomtemperature, boasts high yield strength (672MPa) and superior impact toughness (127J at -20°C). Therefore, it is feasible to produce low carbon bainitic Cr-B steel with high strength and good toughness through controlling cooling parameters.