In this paper, a novel dual microscopic fatigue-crack and tip-deformation-fields measurement method based on a hybrid image-processing technique is proposed that was used to research the physical short fatigue crack (SFC) closure effect and the evolution law of the tip deformation fields of Quenching–Partitioning (Q&P) steel during the crack-closure process. The measurement problems are solved, such as the small SFC tip region, large deformation gradient, and strong material anisotropy. Microscopic crack and speckle images are acquired simultaneously on both sides of a compact tensile (CT) specimen of Q&P steel by dual microscopic cameras. A digital image processing (DIP) method is used to identify crack-growth morphology and measure crack length in Q&P steel, and the SFC growth rates are analyzed under different stress ratios. Microscopic digital image correlation (Micro-DIC) is used to analyze displacement fields at the crack tip of SFC and, combined with virtual extensometer technology, analyze the evolution law of crack closure and the evolution of crack-growing morphologies during the closure process under different lengths and stress ratios. Accordingly, the evolution of strain fields at the crack tip in one load cycle for different crack lengths and stress ratios during the SFC closure process is analyzed. The results show that the stress ratio affects the crack-closure behavior and crack growth rate of Q&P steel in the physical SFC crack-growing stage. The crack-closure effect has an obvious influence on the evolution process of displacement and strain fields at the crack tip. The evolution of short-fatigue-crack-tip morphology and strain field of Q&P steel conforms to the crack-closure law. The research results provide experimental and theoretical support for the further study of the SFC growth mechanism and fatigue life prediction of Q&P steel.