The development of high-strength steels with excellent low-temperature toughness continues to present significant challenges. Delamination toughening and retained austenite (RA) toughening are effective methods for improving the low-temperature toughness of steels. In the present study, medium manganese steel with a microlaminated microstructure containing blocky RA is prepared by intercritical rolling (IR). A comparative steel with a microstructure containing annealed martensite and film-like and blocky RA is generated by hot rolling and intercritical annealing (HRIA). The different microstructure morphologies lead to different fracture characteristics. The IR steel plate exhibited a delaminated fracture that changes the crack propagation path, inducing large-scale and severe plastic deformation in the area below the delaminated crack in the entire temperature range (RT ∼ −196 °C). The Charpy impact V-notch absorbed energy (CVN) is as high as 450 ± 7 J at −60 °C. Moreover, the fracture behavior of the HRIA steel was similar to that of steels with equiaxed microstructures; ductile fracture takes place (above −40 °C) first, followed by brittle fracture, and the CVN is only 150 ± 83 J at −60 °C. The RA contents of the IR and HRIA steels at RT are 25.8% and 22.3%, respectively. Upon impact at −60 °C, the RA content becomes 0 and 4% in the IR and HRIA steels, respectively. Finally, a toughening mechanism is established for IR steel from the perspectives of crack propagation and microstructure evolution.