Recently, steel structures have increasingly been required to have sufficient deformability because they are subjected to progressive or abrupt displacement arising from structure loading itself, earthquake, and ground movement in their service environment. In this study, high-strength low-carbon bainitic steel specimens with enhanced deformability were fabricated by varying thermo-mechanical control process conditions consisting of controlled rolling and accelerated cooling, and then tensile and Charpy V-notch impact tests were conducted to investigate the correlation between microstructure and mechanical properties such as strength, deformability, and low-temperature toughness. Low-temperature transformation phases, i.e. granular bainite (GB), degenerate upper bainite(DUB), lower bainite(LB) and lath martensite(LM), together with fine polygonal ferrite(PF) were well developed, and the microstructural evolution was more critically affected by start and finish cooling temperatures than by finish rolling temperature. The steel specimens start-cooled at higher temperature had the best combination of strength and deformability because of the appropriate mixture of fine PF and low-temperature transformation phases such as GB, DUB, and LB/LM. On the other hand, the steel specimens start-cooled at lower temperature and finish-cooled at higher temperature exhibited a good low-temperature toughness because the interphase boundaries between the low-temperature transformation phases and/or PF act as beneficial barriers to cleavage crack propagation.