In this paper, the relationship between microstructure and mechanical properties of 22MnB5 hot stamping steel at different annealing temperatures was studied by optical microscope, scanning electron microscope and universal tensile test machine. The results showed that the tensile strength and yield strength decreased with the increasing of annealing temperature. When the pearlite was not spheroidized, the strength decline was due to the growth of grains caused by the diffusion of metal atoms during heating. When the pearlite was spheroidized, the solid solution atoms in the ferritic matrix of spheroidized pearlite were diffused and precipitated at grain boundaries. The solid solution atoms in the ferritic matrix were reduced and the effect of solid solution strengthening was reduced, which leads to the decreasing of the overall strength of the material.