The effect of microstructure variation on the corrosion behavior of high-strength low-alloy (HSLA) steel was investigated. The protective property of the corrosion product layer was also explored. Experimental results reveal that the type of microstructure has significant effect on the corrosion resistance of HSLA steel. The measurement results of weight loss, potentiodynamic polarization curves, and electrochemical impedance spectroscopy indicate that the steel with acicular ferrite microstructure exhibits the lowest corrosion rate. Martensite exhibits a reduced corrosion resistance compared with polygonal ferrite. It is found that the surface of the acicular ferrite specimen uniformly covered by corrosion products is seemingly denser and more compact than those of the other two microstructures, and can provide some amount of protection to the steel; thus, the charge transfer resistance and modulus values of the acicular ferrite specimen are the largest. However, corrosion products on martensite and polygonal ferrite are generally loose, porous, and defective, and can provide minor protectiveness; thus, the charge transfer resistance values for polygonal ferrite and martensite are lower.