This study aimed to fabricate a dual-phase (DP) steel with a combination of high strength-ductility-toughness by thermomechanical processing for industrial applications. Accordingly, the effects of 40% cold deformation and intercritical annealing temperature on the microstructural evolution and tensile properties of low-carbon steel were studied. The microstructure of dual-phase steels consisted of ferrite (α) and martensite (α´), however, the morphology of martensite was different. With increasing the intercritical annealing temperature, the martensite fraction increased gradually from 0.41 at 770°C to 0.51 at 860°C. Also, the increase of martensite fraction from 0.41 to 0.51 caused a decrease in the martensite carbon concentration from 0.174 to 0.142 wt.%. All dual-phase steels had a larger hardness than the as-received steel. When the temperature of annealing increased from 770 °C to 860 °C, the yield strength enhanced from 370.4 to 496.3 MPa, the ultimate tensile strength improved from 642.0 to 809.2 MPa, the total elongation decreased slightly from 31.8% to 29.8%, and the energy absorption increased from 190.0 to 217.6 J/cm3. The work hardening rate of all DP samples was considerably higher than other samples. Unlike initial, quenched, and rolled samples, the DP steels exhibited three-stage strain hardening behavior with increasing the true strain. For all dual-phase steels, a perfect ductile fracture was observed, with numerous uniform deep and coarse dimples. The dominant mechanism in the fabricated dual-phase steels was interface decohesion.