The present invention provides a hot-rolled steel sheet having a low yield ratio, a high specific strength, and excellent toughness. The hot-rolled steel sheet comprises: 0.005 to less than 0.030 weight percent of carbon, 1.5 weight percent or less of silicon, 1.5 weight percent or less of manganese, 0.020 weight percent or less of phosphorus, 0.015 weight percent or less of sulfur, 0.005 to 0.10 weight percent of aluminum, 0.0100 weight percent or less of nitrogen, 0.0002 to 0.0100 weight percent of boron, at least one element selected from the group consisting of 0.20 weight percent or less of titanium and 0.25 weight percent or less of niobium in an amount to satisfy (Ti+Nb/2)/C.gtoreq.4, and balance iron and incidental impurities. The metal structure is selected from the group consisting of ferrite and bainitic ferrite. The amount of carbon dissolved in grains ranges from 1.0 to 4.0 ppm. The present invention also provides a method for producing a hot-rolled steel sheet. The method includes hot-rolling a steel slab containing the above components, cooling at a rate of between 5 to not more than 20.degree. C./sec., and then coiling at a temperature ranging from over 550.degree. C. to 700.degree. C.