This study was carried out to investigate the effect of hot forging on the hardness and impact value of ultra high carbon low alloy steel. With increasing hot forging ratio, thickness of the network and acicular proeutectoid cementite decreased, and than were broken up into particle shapes, when the forging ratio was 80%, the network and acicular shape of the as-cast state disappeared. Interlamellar spacing and the thickness of eutectoid cementite decreased with increasing forging ratio, and were broken up into particle shapes, which then became spheroidized. With increasing hot forging ratio, hardness, tensile strength, elongation and impact value were not changed up 50%, and then hardness rapidly decreased, while impact value rapidly increased. Hardness and impact value was greatly affected by the disappeared of network and acicular shape of proeutectoid cementite, and became particle shape than thickness reduction of proeutectoid and eutectoid cementite.