The mechanical behavior and the microstructural evolution of a pearlitic SAE 1080 steel were analyzed along 12 Multi-Directional Forging (MDF) cycles at room temperature and strain amplitude Δε ≈ 0.30 (MDF0.30). The resulting cumulative strain flow curve is typical of metals undergoing extensive dynamic recovery, displaying appreciable work hardening up to a strain εt ≈ 0.9, followed by a very low work hardening, where flow stress rises from ≈1400 MPa to ≈1510 MPa. Similarly, the microhardness raises up to a total cumulative strain εt ≈ 1.8 and seems to stabilize for further straining, reaching ∼3626 MPa after εt ≈ 10.8. Conversely, yield strength initially rises and then falls remarkably after εt > 5.4. This behavior is related with directional cross effects that favor dynamic recovery as the total applied strain increases. These results differ remarkably from those connected to a monotonic deformation process such as axisymmetric drawing. In addition, directional cross effects decrease the material yield stress as the total applied strain increases. Microstructural results revealed that MDF0.30 leads to increasing shearing, bending and fragmentation of the cementite lamellae into particles <50 nm in diameter dispersed in the ferritic matrix as the total imposed strain rises. As a consequence, only limited alignment and changes in the cementite interlamellar spacing are observed, up to a total applied strain ≈10.8. It is considered that the work hardening of pearlitic steel deformed through MDF0.30 is dominated by the dynamic recovery of the interlamellar ferrite and a limited contribution from the cementite. Such results have never been reported in the literature and are of practical importance, since extensive cold working of eutectoid steel through MDF can be performed with standard presses and large specimens.