The yield strength of different pipeline steel grades, rolled under four different conditions, was correlated with calculated strengthening contributions. Slabs with the same composition were rolled under identical roughing conditions but varied finish rolling temperature (FRT). Two cooling routes, consisting of accelerated water cooling condition (ACC) followed by slow cooling in an oven to simulate coiling and air cooling were applied after the last rolling pass. The microstructures obtained after each thermo mechanical controlled process (TMCP) schedule, were characterized using Transmission Electron Microscopy (TEM), Inductively Coupled Plasma Mass Spectrometry (ICP-MS) and Electron backscatter diffraction (EBSD). The mechanical properties of the plates were determined by means of tensile tests and Charpy V-notch impact test. It was confirmed that a combination of fast cooling rate and low finish rolling temperature produces higher strength than the slow cooling rate and high finish rolling temperature. Contributions to the strengthening arising from the various microstructural features like solid solution strengthening, grain size, dislocation density and precipitation hardening, were analyzed using Taylor, Hall–Petch and Ashby–Orowan approaches. The root of the sum of the squares method was applied to link the experimental with the model-predicted strength. It is believed that this approach provides a better understanding of the effect of TMCP parameters on the microstructure and strengthening mechanisms in pipeline steels.