Achieving exceptional ductility in ultra-high strength steels has long been a formidable challenge, particularly when the yield strength reaches 2.0 GPa. In this study, we have designed an innovative tri-phase lamellar microstructure in medium Mn steel that successfully achieves both an ultrahigh yield strength of approximately 2.0 GPa and an impressive uniform elongation ranging from 22.5 % to 24.5 %. The ultra-high yield strength of this steel is primarily due to the ultrafine lamellar grain with high-density dislocations and HDI strengthening resulting from meticulously designed tri-phase lamellae. The remarkable ductility is attributed to the synergistic action of multiple plasticity mechanisms. The inherently excellent plasticity of the lamellar ferrite, in coordination with the lamellar martensite, generates significant HDI hardening, thereby suppressing the onset of necking in the early stages of deformation. During the mid-stage of deformation, high strain activates the transformation-induced plasticity effect in the highly stable austenite, which remains stable due to substantial HDI hardening and effectively mitigates strain localization. In the later stages of deformation, delamination cracking relieves stress accumulation at the interfaces, delaying material failure. These mechanisms elevate yield strength and uniform elongation product to 47.3 GPa·%, showcasing the tri-phase lamellar structure’s potential for ultrahigh-strength, high-ductility steels.