The continuous cooling transformation (CCT) diagrams of 86CrMoV7 steel samples including hot deformed and not hot deformed were constructed by dilatometry, metallography and transmission electron microscopy (TEM). The results showed that hot deformation accelerated pearlite transformation and fine pearlite microstructure. Moreover, the undissolved carbides became the nucleating sites of pearlite, accelerated pearlite formation and fine pearlite if the steel had been deformed at high temperature. In contrast, undissolved carbides did not make any influence on pearlite transformation if the steel had not been deformed at high temperature. The continuous cooling transformation (CCT) diagrams of 86CrMoV7 steel samples including hot deformed and not hot deformed were constructed by dilatometry, metallography and transmission electron microscopy (TEM). The results showed that hot deformation accelerated pearlite transformation and fine pearlite microstructure. Moreover, the undissolved carbides became the nucleating sites of pearlite, accelerated pearlite formation and fine pearlite if the steel had been deformed at high temperature. In contrast, undissolved carbides did not make any influence on pearlite transformation if the steel had not deformed at high temperature.