Thermo-mechanical control processing (TMCP) is a powerful tool for development of high strength low alloy (HSLA) steels. The understanding of the effect of process parameters on the microstructure of these steels is a key aspect for the optimization of their mechanical properties. The influence of the rolling temperatures and the cooling conditions on the texture, strength and toughness of HSLA steel was investigated. Two stage controlled rolling (roughing and finishing) was carried out on a laboratory rolling mill. Four different compositions were rolled by maintaining same roughing conditions but varying the process parameters of the finish rolling, namely, start finish rolling temperature (SFRT), finish rolling and cooling temperatures. Subsequent to rolling, two different cooling routes were used, namely, air-cooling (AC) and accelerated water cooling (ACC). For the ACC route, the plates were subsequently heat treated to simulate coiling. The microstructure and texture obtained before and after each TMCP schedule were characterized quantifying the phases, grain size and texture by means of EBSD and XRD and associated with the mechanical properties. It was found that SFRT has a strong impact on both strength and toughness if the material was air-cooled. Plates rolled at lower temperature showed better strength and toughness than ones rolled at high temperature in both air-cooling and ACC due to grain refinement. However, for the material that was processed through ACC and coiling simulation, the strength increased without any substantial effect on the toughness. These results provide an interesting insight on the industrial processing of HSLA steels.