To develop 590/780MPa grade low yield ratio structural steel, the effects of ultra fast cooling (UFC) new process on microstructure and mechanical properties were investigated. The results showed that the low yield ratio and high strength can be obtained by proper phase compositions including relative soft phase and hard phase. For the process of UFC + air cooling, when UFC final cooling temperature was 521°C, 22.5% M-A second hard phases were distributed on bainite ferrite matrix in steel No.A2. The mechanical properties can meet requirement of 590MPa grade low yield ratio structural steel. For the process of air cooling + UFC, when UFC initial cooling temperature was 781°C, the multiphase composed of 28.3% ferrite and other bainite / martensite lath structure can ensure the high strength and low yield ratio of steel No.B1. And performance indexes can meet the requirement of 780MPa grade low yield ratio structural steel.