A thermomechanical simulator Gleeble 3800 was used to simulate the thermal cycles experienced by various heat-affected zones (HAZ) during the welding process. The influence of peak temperature (T_p, 500°C~1320°C) on the hardness, microstructure, precipitates, and properties of complex steel 780FB with microalloyed elements Ti, Nb, and V was systematically studied. The contributions of dislocation strengthening, precipitation strengthening, fine grain strengthening, and phase transformation strengthening increments to strength changes of samples after different thermal cycles were quantified, and the calculated results were found to be consistent with the experimental data. Compared with 780FB, there was little change in microstructure and properties when T_p was 500°C. When T_p was 650°C, the increase in VC density from 43/μm² to 288/μm² caused the enhancement of hardness and strength. The precipitation strengthening increment (49.84MPa) played a dominant role in strength improvement. As partial bainite in the microstructure of 780FB transformed into ferrite at T_p of 800°C, the weakening of phase transformation strengthening (-57.5MPa) became the main factor in strength change. The softening and strength reduction further increased when T_p was up to 980°C, as 780FB completely recrystallized and transformed into ferrite and MA islands. The phase transformation strengthening further reduced by 74.75MPa. When T_p was 1320°C, the VC density decreased from 43/μm² to 13/μm², and the (Ti,Nb)C density decreased from 34/μm² to 14/μm², leading to severe grain growth (2.24μm to 19.89μm) and bainite transformation. The decrease in precipitation strengthening (-26.86MPa) and fine grain strengthening (-87.91MPa) counteracted with the increase in phase transformation strengthening (51.62MPa), resulting a slight decrease in hardness and strength.