A comparative study on microstructures and mechanical properties of a low carbon Fe–Mn–Si steel with and without quenching pretreatment is performed to investigate the strength and plasticity enhancement mechanism. Microstructural analysis and 3D APT observation show that the lamellar microstructure obtained by introducing pre-quenching at 990 °C for 20 min prior to quenching and partitioning (Q&P) process mainly consists of ferritic laths, Mn-enriched tempered martensite and retained austenite with high mechanical stability. Mn enrichment in tempered martensite helps maintain a relatively high tensile strength. The refined alternative laths consisting of ferrite and tempered martensite share the same crystallographic orientation, which should be easier to hinder the crack propagation and delay the fracture. Compared to the polygonal-structured sample treated without quenching pretreatment, both higher frequencies of Σ3 CSL boundaries and higher volume fraction of stable retained austenite allow the pre-quenched sample exhibit an excellent strength-plasticity balance. The plasticity of the pre-quenched sample increases by nearly 90% and the product of strength and elongation (PSE) reaches higher than 24 GPa·%.