The continues cooling transformation (CCT) of a low carbon Mn-Nb-B steel in the undeformed and deformed conditions were investigated, respectively. The CCT diagrams of the steel were constructed. The microstructures and microhardness were analysized. The results showed that the microsructures contains ferrite, pearlite, granular bainite, acicular ferrite and lath bainite depending on cooling rate; Deformation moved the CCT curve to the top left corner, increased the transformation start temperatures slightly, and promoted the formation of ferrite and pearlite. Furthmore deformation also fined the transformed microstructures.