A new kind of V-Ti-N high strength microalloyed medium carbon steel has been developed, which is used for fracture splitting connecting rod. In this article, the characteristics of this carbon steel and its production process were studied. The microstructure, precipitated phases and their effects on mechanical properties were investigated by optical microscope, SEM, and TEM. The results showed that the steel was constituted of ferrite and pearlite. By reducing the finish rolling temperature and accelerating the cooling rate after rolling, microstructure with fine grain ferrite and narrow lamellar space pearlite could be obtained in V-Ti-N microalloyed medium carbon, and a large number of precipitated phases distributed over ferrite. These led the tensile strength to be more than 1000 MPa, yield strength (YS) more than 750 MPa. The impact fractograph showed typically brittle fracture characteristic.