Granular bainite, where M-A constituents dispersed in bainitic ferrite matrix usually presents at the half thickness region in thermo-mechanically processed heavy gauge offshore platform steel. In the present work, the decomposition of M-A constituents during tempering at 600 °C was firstly revealed by transmission electron microscopy (TEM) analysis, which primarily involves the precipitation of cementite, recovery and recrystallization of highly dislocated ferrite matrix. Then, the effect of tempering on mechanical properties was investigated by tempering at different temperature for 60 min. Results indicated that, at tempering temperature of 500–600 °C, large quantity of micro-alloying carbides precipitated and partially compensated the loss of strength mainly due to the decomposition of M-A constituents. Compared with the as-rolled state, the decomposition of M-A constituents and softening of bainitic ferrite matrix after tempering have resulted in higher density of microvoids and substantial plastic deformation before impact failure.