In this study, a TMCP was attempted to obtain a low carbon high strength Nb-Ti microalloyed dual phase with low yield ratio at Baosteel. Optical and scanning electron microscopy was utilized to analyze microstructures. A mixed fine microstructures consisting of acicular ferrite and martensite/austenite was observed. The austenite maintained a small grain size during reheating in the temperatures ranging from 1100°C to 1250°C. The growth of austenite was strongly retarded by Nb and Ti nitride and carbide. The higher end cooling temperature (650°C) had much influence on the refinement of microstructures, especially the length of ferrite packets, whereas the lower temperatures (600-500°C) had little effect on the microstructure refinement.