In this study, the effect of rolling of 1.25Cr-1Mo-0.5V-0.3C American Iron and Steel Institute 4340 modified steel for highspeed railway brake discs on the microstructure and mechanical properties was investigated. The materials were hot-rolled at 0%, 51%, and 66% reduction ratios, and then analyzed by optical microscopy, scanning electron microscopy, and electron backscattering diffraction (EBSD). needle-shaped ferrite block morphology in bainite varied with the rolling ratio. EBSD analysis reveals dynamic recovery and dynamic recrystallization, affected ferrite block boundaries and dislocation densities during rolling. Mechanical tests showed that hardness, toughness and elongation increase at higher rolling reduction ratio, while strength remained relatively constant. In particular, the impact toughness increased almost twice from the level of 70 J in S1 (0% reduction) to the level of 130 J in S3 (66% reduction). These results showed that the hot rolling can significantly improve the strength and toughness combination of cast brake discs material.