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Full scale developments of microalloyed steel forgings (0.4C-V modified) for connecting rods and wheel hubs are discussed in this presentation. Mechanical properties were evaluated in terms of various processing parameters and the resulted microstructures. Tensile strength obtained in MA steel by air cooling was equal to or greater than that produced in the quenched and tempered steel. Generally, increasing austenitizing temperature (900 C - 1300 C ) and cooling rate (box cooling< air cooling< fan cooling ) resulted in increased tensile strength. Impact toughness did not show the significant dependence of cooling rate, while decreasing austenitizing temperature enhanced impact toughness. The impact toughness of the microalloyed steel forgings obtained from optimum process showed poorer performance than that of quenched and tempered steel forgings but satisfied the specification made from the design view point.