This study investigates the influence of super-fast heating rate and holding time on the microstructure and mechanical properties of dual-phase (DP) Fe-0.16C-1.4Mn sheet steel. Super-fast heating and cooling rates were achieved via induction heating and gas quenching. The results were also compared with those for a conventional low-speed heat treatment. The microstructures were characterized in detail using X-ray diffraction, scanning electron microscopy, electron backscatter diffraction, and electron probe microanalysis. The results showed that the layered structure of the DP Fe-0.16C-1.4Mn steel after super-fast heating was mainly composed of recrystallized ferrite, martensite clusters, and a small amount of residual austenite. Compared with the conventional method, super-fast heating significantly refined the grains and improved yield and tensile strength, but it slightly reduced the elongation. The fraction of martensite, which depends on the nucleation and growth behavior of austenite, was significantly affected by the heating rate and holding time. The DP structure of Fe-0.16C-1.4Mn steel had an atypical layered heterogeneous structure, with an uneven plastic strain between the two phases occurring during the deformation process, which is something that can improve fracture elongation.