The macro to micro-mechanical mechanisms of cyclic deformation behavior of a carbide-containing ferritic steel was studied, and the exceptional properties obtained in low-cycle regimes were discussed, relying on the sensitivity of the small crack propagation to the microstructural characteristics. In this respect, the evolution of boundaries, sub-boundaries, carbides, and micro-textures in the vicinity of the crack growth path has been characterized in detail. Regarding this matter, the subtle alteration of grain size gradient, resulting in the decrement of incompatibility between mechanical properties of grains, is the main factor that halts the crack growth temporarily. Furthermore, both pre-existed and cyclically developed substructures could tortuous the crack propagation path and induce the crack closure effect, respectively. The advantages and disadvantages introduced by primary carbides, serving as initiators of small cracks, and dispersed high volume fraction of submicron carbides, inducing the formation of an effective strengthening layer (ESL) and acting as deflectors of small cracks, have been investigated, respectively. The {001} <110> oriented grains have been identified as preferred micro-texture contributing to small crack propagation. In total, the small crack sensitivity of the elaborated microstructure has resulted in a prolonged lifetime.