Samples from two V-microalloyed steels (0.05 wt pct V) having different C and N levels, namely high-C low-N steel, HCLN (0.22 wt pct C, 0.007 wt pct N) and low-C high-N steel, LCHN (0.06 wt pct C, 0.013 wt pct N) were naturally cooled from 1373 K (1100 °C) to room temperature over a range of cooling rates (0.07 to 3.33 K/s). Samples from a plain C-Mn steel (0.06 wt pct C, 0.007 wt pct N) were also subjected to the same heat treatment for comparison. The effect of cooling rate and steel composition on microstructures, precipitates, and tensile properties has been investigated. Due to the presence of large fraction of harder constituents, like pearlite and bainite, HCLN steel showed higher strength and lower ductility than LCHN steel. LCHN steel, on the other hand, showed good combination of strength and ductility due to its predominantly ferrite matrix with precipitation strengthening. The V-precipitate size was more refined and the precipitate density was higher in HCLN steel than that in LCHN steel. This observation confirms the importance of C content in V-microalloyed steel in terms of precipitation strengthening. An intermediate cooling rate (~1.4 K/s) has been found to be the optimum choice in order to maximize the precipitation strengthening in V-containing steels.