This paper studies the composition, quantity and particle size distribution of nano-scaled precipitates with size less than 20 nm in high strength Iow carbon (HSLC) steel and their effects on mechanical properties of HSLC steel by means of mass balance calculation of nano-scaled precipitates measured by chemical phase analysis plus SAXS method, high-resolution TEM analysis and thermodynamics calculation, as well as temper rapid cooling treatment of ZJ330. It is found that there existed a large quantity of nano-scaled iron-carbon precipitates with size less than 18 nm in Iow carbon steel produced by CSP and they are mainly Fe-O-C and Fe-Ti-O-C precipitates formed below temperature A1. These precipitates have obvious precipitation strengthening effect on HSLC steel and this may be regarded as one of the main reasons why HSLC steel has higher strength. There also existed a lot of iron-carbon precipitates with size less than 36 nm in HSLA steels.