This work aims to study the effect of zirconium and niobium on the grain size refinement and mechanical properties of micro-alloyed cast steels in heat treated conditions. Five micro-alloyed cast steels with different compositions, as steel without microalloying elements and micro-alloyed steel with (i) 0.05% Zirconium (Zr), (ii) 0.05% Zirconium (Zr) and 0.05% Niobium (Nb), (iii) 0.10% Zirconium (Zr), and (iv) 0.10% Zirconium (Zr) and 0.10% Niobium (Nb) were investigated. The heat treated samples were normalized at 1000°C followed by air cooling. They were characterized to study the characteristics of carbide precipitates by SEM and TEM, and mechanical properties were evaluated by tensile test as per ASTM A370. Among these five cast steels, steel containing 0.10% Zr and 0.10% Nb showed a higher tensile strength of 1184 MPa and yield strength of 740 MPa with reasonable impact energy of 42 J compared to other steels under the same heat treated conditions. Due to the combined addition of Zr and Nb elements in the micro-alloyed steel, a remarkable improvement of mechanical properties, particularly strength and impact energy, was observed. As evident from microstructure investigation, these improved mechanical properties in the present steel could be attributed due to the effective refinement of ferritic grain size in the normalized condition.