Effects of rolling and cooling conditions on microstructures and mechanical properties of high-deformable pipeline steels were investigated in this study. Six kinds of pipeline steels were fabricated by varying rolling and cooling conditions, and their microstructures were analyzed by scanning electron microscopy, electron back-scattered diffraction, and transmission electron microscopy. Tensile and Charpy impact tests were conducted on the steels in order to examine the mechanical properties. The steels rolled in the two-phase region showed better low-temperature toughness than those in the single-phase region due to the larger amount of ferrites having high-angle boundaries, although they have lower strength and absorbed energy. The steel rolled in single-phase and finish-cooled at higher temperature showed a good combination of high strength and good low-temperature toughness as well as excellent deformability of the lowest yield ratio and the highest uniform elongation because of the presence of fine ferrite and a mixture of various low-temperature transformation phases.