Automobile steel with moderate tensile strength demands for higher total elongation, whereas present production cannot satisfy such requirement. To cope with the challenge for desired ductility, Ti, Nb, and V microalloyed steel is applied to a late‐stage ultrafast cooling (LUC) method as well as an interrupted ultrafast cooling (IUC) strategy to explore the effect of cooling process on the total elongation. It is found that an IUC can increase the total elongation and the lűders strain to about 45% and 60% higher in comparison with the LUC counterpart, respectively. Metallographic microscopy (OM), scanning electron microscopy (SEM), transmission electron microscopy (TEM), and orientation distribution function (ODF) are used to characterize the microstructure and texture components. It is revealed that the multiscale grain distribution and the multiphase constituent, especially the existence of ultrafine pearlite microstructure with several atomic layers of grain boundaries, are greatly important for the ductility enhancement. It is inferred that larger undercooling caused by ultrafast cooling strategy makes the dislocation density much higher, whereas Nb precipitation tends to induce the formation of lamellar pearlite structure.