The phase transformation rule, microstructures and properties of JG590 high strength steel produced in Jinan Iron and Steel Co. ltd. have been investigated in this paper. When the chemical composition of steel are given, the cooling rates after finished rolling affect on the properties of steel greatly. The yield strength and tensile strength increasing, the elongation and reduction of area decreasing as increasing of cooling rates after rolling. The main cause is due to appearance and increasing of Bainite and Martensite other than Ferrite and Pearlite in room temperature. The finished rolling temperature have distinct effects upon the mechanical properties of steel plates. Finished rolling at different temperature with the 0.5°C/s cooling rate, the tensile strength vary in 599-698MPa, the yield strength changed from 412 MPa to 536MPa. The elongation is between 30.4-40.5%. But when finished rolling at different temperature with the 2.0°C/s cooling rate, the tensile strength vary in 747-784MPa, the yield strength changed from 441 MPa to 601MPa. The strength index can both meet the requirements of employ. But the elongation is only 18.7-24.5%. This is related with production of lots of Bainite microstructure more than 2°C/s cooling rate. In the procedure of manufacture of JG590 high steel, the quickly cooling rate should be avoided to keep suitable microstructure and good elongation and toughness.