A new ultrahigh strength hot rolled Ti–Mo-bearing ferritic steel was developed through chemical composition design and rolling processing optimization. To maximize the potential of nanometer-sized (Ti, Mo)C carbide in terms of strengthening ferrite matrix, the optimal chemical composition of 0.1C–0.2Ti–0.4Mo (wt%) was determined through considering the atomic ratio of elements, the solubility temperature of (Ti, Mo)C in austenite, and the excessive growth critical temperature of austenite grain during reheating. The rolling condition in the region through austenite recrystallization region to austenite nonrecrystallization region was adopted to realize a homogenous and fine ferrite grain structure. Results showed that the simulated coiling at 600 °C was found to provide an attractive combination of ferrite grain refinement hardening (360 MPa) and precipitation hardening (324 MPa). An optimal combination of strength and ductility was achieved after coiling at 600 °C (yield strength: 912 MPa; ultimate tensile strength: 971 MPa; total elongation: 16.0%). In addition, the nanometer-sized (Ti, Mo)C carbide was characterized by transmission electron microscopy (TEM) and physical–chemical phase analysis, and its role was discussed in details.