To improve the wear performance of steel without increasing its hardness, a high-Ti wear-resistant steel was reinforced with TiC particles. The effects of hot rolling deformation on the microstructure and mechanical properties of the wear-resistant steel containing 0.61%Ti after quenching and tempering were studied in hot rolling experiments with different reduction ratios. The steel products were subjected to microstructure and precipitate characterization and mechanical-property tests. Increasing the rolling deformation improved the strength, toughness, and plasticity of the tested steel. The yield strength, tensile strength, and total elongation were increased from 1202 MPa, 1437 MPa, and 7.4%, respectively, at a reduction ratio of 3∶1 to 1311 MPa, 1484 MPa, and 9.9%, respectively, at a reduction ratio of 30∶1. Meanwhile, increasing the reduction ratio from 3∶1 to 10∶1 remarkably increased the absorbed energy at room temperature (obtained in a Charpy impact test) from 11 J to 24 J. As the rolling deformation increased, the micron-sized net-like TiC particles that precipitated during solidification were gradually refined and homogenized, and the prior austenite grain size was also refined. Next, the strengthening mechanisms of the steel were quantitatively analyzed. The yield strength, calculated by adding the root mean squares of the dislocation and precipitate strengthening values, well agreed with the measured yield strength. The increasing yield strength of the tested steel at higher rolling reduction ratios is mainly attributable to increased grain-boundary strengthening and precipitation strengthening. As the strength of the steel increased, the toughness and plasticity also increased, mainly because the large TiC particles were refined and homogenized during the rolling deformation.