Effects of the microalloyed elements, temperatures and cooling rates on the strength and toughness of the medium carbon microalloyed hot forging steels obtained by air cooling(A.C.) method and the low carbon microalloyed forging steels by direct quenching(D.Q.) method were investigated. Combined additions of V+Nb produced the optimum combination of strength and toughness with ferrite-pearlite structure of the medium carbon steel by the A.C. method. 831MPa in UTS and 52.1J in toughness were obtained for 0.40c+0.12V+0.07Nb. It was martensite structure for the low carbon steel by the D.Q. method. The highest UTS and toughness obtained by Mo additions were 855MPa and 108j by 0.12C+0.10V+0.03Nb+1.13Mo respectively. Especially, the toughness of the low carbon steel was twice better than that of the medium carbon steel. 110$0^{circ}C$was more appropriate than 120$0^{circ}C$ for the reheating and forging temperature and 1.$2^{circ}C$ /s was the best cooling rate from the viewpoint of the strength and toughness. Multiple regression analysis was used to quantify the influence of the microalloyed elements, temperatures and cooling rates on the strength, toughness, austenite grain size, and the pearlite interlamellar spacing.