High-pressure and high-load drilling environment in the deep soil requires high strength and toughness of the oil well pipe, so the oil well pipe steel must be heat-treated, and the hardenability of the steel is particularly important in manufacturing. In this paper, Gleeble-3500 thermal simulator is used to measure the CCT curves of 20CrNiV5 steel, and the influence of microstructure on hardenability is studied. Deformation inhibits the martensitic transformation of the steel and leads to the decrease of its hardenability; the inhomogeneity of the steel pipe after hot forming also has an important impact on the hardenability, and the multiphase microstructure of bainite and ferrite after hot rolling leads to austenitic heating. Austenite grains are small and uneven, which reduces the hardenability of the steel. The microstructure of the inner and outer layers of the hot-formed steel pipe is smaller than that of the middle layer. After heat treatment, its smaller austenite results in weak hardenability.