In this study, the effect of the hot-cold rolling process on the evolution of the microstructure, texture and magnetic properties of strip-cast non-oriented electrical steel was investigated by introducing hot rolling with different reductions. The results indicate that hot rolling with an appropriate reduction, such as the 20% used in this study, increases the shear bands and {100} deformed microstructure in the cold roll sheet. As a result, in our study, enhanced η and Cube recrystallization texture and the improved magnetic induction were obtained. However, hot rolling with excessive reduction (36–52%) decreased the shear bands and increased the α-oriented deformation microstructure with low stored energy. It enhanced the α recrystallization texture and weakened the η texture, resulting in a decrease in the magnetic induction. In addition, hot rolling promoted the precipitation of supersaturated solid solution elements in the as-cast strip, thereby affecting the subsequent microstructure evolution and the optimization of its magnetic properties.