Microalloyed steels, which substituted by conventional quenched and tempered steels, have been used in a wide variety of structural and engineering application. The main driving force for preference of MA steels is a cost reduction which can be achieved by an omission of heat treatment. In this study, low carbon martensitic MA steels in 0.18C-0.30(0.60)Si-2.00(1.80)Mn-0.05S-1.5Cr-0.05(0.10)V-0.015Ti(wt%) were investigated to know the effects of cooling method on the mechanical properties and microstructures of Si, Mn, V added microalloyed steel at different reheating temperature. Microstructure of oil quenched steels which were comprised lath martensite, auto-tempered martensite and retained austenite, had more various structure than that of air cooled steel made of mainly bainite. Therefore, oil quenched steels, which had more various microstructure, had better strength-toughness balance compare to air cooled steels. In the impact test, fracture mode of oil quenched steels, which showed good mechanical properties, were dimple, but that of air cooled steels were cleavage.