A commercial API 5L X70 steel plate was subjected to different thermomechanical processes to propose a novel thermomechanical rolling path to achieve improved mechanical properties. Scanning electron microscopy, electron backscatter diffraction, and x-ray texture analysis were employed for microstructural characterization. The results showed that strain-free recrystallized {001} ferrite grains that developed at higher rolling temperature could not meet the American Petroleum Institute (API) requirements. Also, refined and work-hardened grains that have formed in the intercritical region with high stored energy do not provide suitable tensile properties. However, fine martensite-austenite constituents dispersed in ferrite matrix with grains having predominantly {111} and {110} orientations parallel to the normal direction that developed under isothermal rolling at 850 °C provided an outstanding combination of tensile strength and ductility.