The relationship between transformation conditions, microstructures and mechanical properties were investigated on a 0.60%C hypoeutectoid steel, which has predominantly pearlitic microstructure. The steel had been austenized at 850-1050 8C and then isothermally transformed at 570-660 8C. Afterwards, the microstructures were analyzed by optical microscope, scanning electron microscope, and quantitative metallography. And the mechanical properties were determined. The results indicated that the interlamellar spacing, the pearlitic colony size and the proeutectoid ferrite content follow a linear relationship with the reciprocal of the undercooling, and the strength, the hardness and the toughness follow a Hall-Petch type of relationship with the inverse of the square root of the interlamellar spacing. Besides, the stress condition should be taken into account during analyzing the effect of the interlamellar spacing on the mechanical properties. The results have been explained on the basis of transformation conditions -microsturctures -mechanical properties ralationship.