Provided in the present application are a rare-earth microalloyed steel and a control process. The steel has a special microstructure, and the microstructure comprises a rare earth-rich nanocluster having a diameter of 1-50 nm. The nanocluster has the same crystal structure type as a matrix. The rare earth-rich nanocluster inhibits the segregation of the elements S, P and As on a grain boundary, and obviously improves the fatigue life of the steel. In addition, a rare-earth solid solution also directly affects a phase change dynamics process so that the diffusion-type phase change starting temperature in the steel changes at least to 2° C., and even changes to 40-60° C. in some kinds of steel, thereby greatly improving the mechanical properties thereof, and providing a foundation for the development of more kinds of high-performance steel.