<p>The microstructure and mechanical properties of Ti–Zr deoxidized low carbon microalloyed steel after ‘quenching + tempering’ (Q + T) and ‘quenching + intercritical quenching + tempering’ (Q + IQ + T) heat treatment were analyzed using the metallographic microscope, scanning electron microscope, electron probe microanalyzer, electronic universal testing machine and impact testing machine. The effect of element segregation band after hot rolling on the anisotropy of microstructure and mechanical properties of subsequent heat treatment was investigated. The results show that the essence of improving the banded structure by oxide metallurgy technology in the hot rolling process is to promote the formation of intragranular ferrite to break the bainite band, but the element segregation band produced during hot rolling will be inherited to the subsequent heat treatment process. After Q + T heat treatment, the microstructure is mainly martensite, and there is no obvious banded structure. The shear transformation of martensite weakens the influence of alloying element segregation and avoids the directionality of microstructure and the anisotropy of mechanical properties. After Q + IQ + T heat treatment, the martensite/ferrite bands or continuous martensite bands appear in the microstructure, and with the increase in intercritical quenching temperature, continuous martensite bands become more obvious. The appearance of banded structure aggravates the difference of mechanical properties in all directions, especially the difference of plasticity and toughness in longitudinal and transverse directions. Therefore, the banded structure can be avoided by regulating the nucleation rate difference between the element enrichment and depleted zones during the heat treatment process. The alloying elements segregation is a necessary condition for the formation of banded structure after heat treatment, but it is not a sufficient condition.</p>