The effect of microstructures on strength,strain capacity and low temperature toughness of a micro-alloyed pipeline steel was elucidated.Five various dual-phase microstructures,namely,acicular ferrite and a small amount of(around 2 vol.%)polygonal ferrite(AF+PF),polygonal ferrite and bainite(PF+B),polygonal ferrite and martensite/austenite islands(PF+M/A),polygonal ferrite and martensite(PF+M)and elongated polygonal ferrite and martensite(ePF+M),have been studied.Experimental results show that AF+PF microstructure has high yield strength and excellent low temperature toughness,whereas its yield ratio is the highest.Polygonal ferrite-based dual-phase steels,PF+B,PF+M/A and PF+M microstructures show better strain capacity and low temperature toughness.The strain capacity and low temperature toughness of ePF+M microstructure are the worst due to its high strength.The relationship between microstructure, strength,strain capacity and toughness has been established.Based on the results,the optimum microstructure for a better combination of strength,strain capacity and toughness is suggested to be the one having appropriate polygonal ferrite as second phase in an acicular ferrite matrix.