In the last two decades, the significant market demands for microalloyed steels have led to enormous efforts as regards the optimization of their properties. Following a national research program, the present work was scheduled to deal with a special grade of V-microalloyed steel. This grade was examined after a series of successive isothermal heat treatment to produce a variety of phase combinations (e.g., ferritic-martensitic, ferritic-martensitic-bainitic and ferritic-bainitic microstructures). Tensile and impact tests were performed to gain knowledge about the mechanical properties. The resulting microstructures were evaluated by means of SEM and optical microscopy. The results indicated that the corresponding tensile behaviour of the steels was strongly affected by microstructure and heat treatment parameters. Furthermore, the related ultimate tensile strength and impact values were broadly varied (750 to 1200 MPa and 5 J to 40 J, respectively) by the steels´ microstructure and chemical composition. The corresponding fracture surfaces were found to vary with the steel´s microstructure.