The 1,000 MPa ultra-high strength hot-rolled plate steel with low-carbon bainitic microstructure was developed in the laboratory for coal mine refuge chamber. The static recrystallization behavior, microstructure evolution, and mechanical properties of this hot-rolled plate steel were investigated by the hot compression, continuous cooling transformation, and tensile deformation test. The results show that the developed steel has excellent mechanical properties at both room and elevated temperature, and its microstructure mainly consists of lath bainite, granular bainite, and ferrite after thermal–mechanical control process (TMCP). The ultra-high strength plate steel is obtained by the TMCP process in hot rolling, strengthened by bainitic transformation, microstructure refinement, and precipitation of alloying elements such as Nb, Ti, Mo, and Cu. The experimental steel has relatively low welding crack sensitivity index and high atmospheric corrosion resistance index. Therefore, the developed steel has a good balance of strength and ductility both at room and elevated temperature, weldability and corrosion resistance, and it can suffice for the basic demands for materials in the manufacture of coal mine refuge chamber.