Abstract: The continuous cooling transformation behavior and high-temperature hot rolling performance of austenite in Ti-Mg deoxidized and conventional deoxidized vanadium microalloyed steels were studied using a phase transformation instrument and a thermal simulation experimental machine. The microstructure of the steels and the number and composition of inclusions in the steels were characterized using optical microscopy, scanning electron microscopy, and electron probe microanalyzer. The results indicate that the Ti-Mg deoxidation process promotes the formation of small and dispersed spherical Al-Mg-Ti-O-TiN-MnS type composite second phase particles in steels, which not only improves the morphology of inclusions and reduces the adverse effects on steel properties, but also serves as nucleation points for intragranular ferrite, effectively refining the microstructure. Compared with conventional deoxidized steel under high-temperature hot rolling conditions, the mechanical properties of Ti-Mg deoxidized steel significantly improve, with a strength increase of 38.1 MPa and an impact energy increase of 96.4 J.