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Using the Mn-Nb-B low carbon bainite high strength steel with the reducing production technology as the research target, the deformation behavior and phase transformation behavior were studied by the thermal simulation testing machine. Combining with the characteristics of the medium and heavy plate production line, the controlled rolling and controlled cooling technology based on ultra-fast cooling were designed to produce low cost high strength construction machinery steel with superior comprehensive mechanical properties. The strengthening mechanisms such as grain refinement strengthening, precipitation strengthening are effective to produce the Mn-Nb-B low carbon bainite high strength steel. The yield strength and tensile strength of the product reach to 678MPa and 756 MPa respectively, the elongation <i>A</i>₅₀ is 33% and the impact energy at -20℃ is 261J. The microstructure of the steel is composed of granular bainite, acicular ferrite and lath bainite. A large number of fine, point, granular M/A constituents and dislocation structures dispersively distributed inside the matrix, and also tiny and dispersed (Nb,Ti) (C,N) precipitates are observed by transmission electron microscopy.