The production process, microstructure, and mechanical properties of 15MnNbR pressure vessel steel were studied by optical microscopy, universal tensile testing, and low-temperature impact toughness testing. It was found that the microstructure obtained after controlled rolling and cooling (known as thermo-mechanical control processing) consisted of ferrite and pearlite with non-uniform grain size. The banded microstructure was prominent, the strength was high, and the toughness was poor. After normalizing, the grain size was refined, both the microstructural uniformity and the banded microstructure were improved, and the strength and toughness of the steel were enhanced. After normalizing and water cooling, the grain was further refined, the microstructure was homogenized, the banded microstructure disappeared, and the strength and toughness of the test steel were improved simultaneously, resulting in excellent comprehensive mechanical properties.