In this work, to clarify the effect of carbide precipitation state on strength and toughness, Ti,V alloyed precipitation hardened ferrite single phase steel sheets with different carbide size were investigated. In order to change the precipitated particle size, cooling conditions after hot rolling were changed. Under condition A, steel sheets were cooled to 873K by water spray (for fine precipitation). Under condition B, steel sheets were air-cooled from 1053K for 20sec, then cooled by water spray to 873K (for coarse precipitation). The experimental results were following. The balance of tensile strength and Charpy absorbed energy was better in condition B. (Ti,V)C were observed in both conditions, but the size of (Ti,V)C were larger in condition B. From the above, it was suggested that as the carbide size become larger, the decrease in toughness per strengthening amount becomes smaller.