To address the central cracking problem in continuous casting slabs of 38CrMoAl steel, high-temperature tensile tests were performed using a Gleeble-3800 thermal simulator to characterize the hot ductility of the steel within 600 – 1200 °C. Phase transformation behavior was computationally analyzed via Thermo-Calc software, while microstructure, fracture morphology, and precipitate characteristics were systematically investigated using metallographic microscope(MM), field emission scanning electron microscope(FE-SEM), and transmission electron microscopy(TEM). Additionally, the effects of different holding times and cooling rates on the microstructure and precipitates of 38CrMoAl steel were also studied. The results show that the third brittle temperature range of 38CrMoAl steel is 645 – 1009 °C, and the fracture mechanisms can be classified into three types: (I) In the α single-phase region, the thickness of intergranular proeutectoid ferrite increases with rising temperature, leading to reduced hot ductility; (II) In the γ single-phase region, the average size of precipitates increases while the number density decreases with increasing temperature, thereby improving hot ductility; (III) In the α + γ two-phase region, the precipitation of proeutectoid ferrite promotes crack propagation, and the dense distribution of precipitates at grain boundaries causes stress concentration, further deteriorating hot ductility. Heat treatment experiments indicate that under water cooling, air cooling, and furnace cooling conditions, the microstructures of the specimen transform as follows: martensite + proeutectoid ferrite → bainite + ferrite → ferrite; the average size of precipitates first decreases, then increases, and finally decreases again with increasing holding time, while the number density exhibits the opposite trend. Therefore, when the holding time is the same, reducing the cooling rate can increase the average size of precipitates and decrease their number density, thereby improving the hot ductility of 38CrMoAl steel.