Plain carbon steel is the most widely applied steel in current engineering construction. With the increased application property needs, the service life of plain carbon steel has been severely tested. As one of the most destructive failure modes, corrosion resistance of carbon steel has attracted wide attention. Rare earth La, as the microalloying element, was employed in plain carbon steel, Q355, to improve its corrosion resistance. As the content of La increased, the microstructure was refined. The fraction of pearlite decreased, while the content of acicular increased. Within the La addition of 230 ppm, the tensile strength and impact energy were jointly improved. Furthermore, the microalloying element of La modified the inclusion types and refined the inclusion size. The modified microstructure and inclusions by La co-improved the corrosion resistance. The formula of effective La content was proposed to estimate the effect of La on corrosion. As the effective content of La increased, the relative corrosion rate decreased. La³⁺ promoted the protective rust layer to increase corrosion resistance.