Heavily drawn pearlitic wires have been investigated extensively over the years for its unusual strainhardening behavior as well as for the high strength with acceptable level of ductility. They are widely used for tire cord, springs, wire rope, and suspension bridge cable. They are typically produced by drawing wire of approximately eutectoid composition to an intermediate diameter, patenting to produce a fine pearlitic microstructure, and then cold drawing to strains between 1.5 and 5.0. Strength increases as a function of strains, and tensile strength exceeding 5 GPa was recently reported in a fine steel cord developed in a laboratory [1]. Previous transmission electron microscopy (TEM) observations have revealed a number of unique microstructural features associated with the wire drawing process [2-4]. The pearlitic lamellar distance decreases with drawing strain, and strengths are related with the lamellar distance with Hall-Petch like relationship [2]. Despite the limited ductility of monolithic cementite crystals, the cementite lamella in pearlitic wire co-deform with ferrite [5-7], but they appear to fragment into planar arrays of small particles. Recent high resolution electron microscopy study by Languillaume et al. [8] suggested that these fragmented cementite eventually dissolves into ferrite to reduce the surface energy associated with the nanoscale fragmented particles. Recent atom probe field ion microscopy (APFIM) [9-11] and three dimensional atom probe (3DAP) studies [12,13] indicate that substantial amount of carbon is dissolved in the ferritic phase in heavily deformed pearlite. Internal friction [14] and Mossbauer[15,16] experiments also suggest a substantial proportion of the cementite (from 20 to 50 volume percent) dissolves during deformation at room temperature. This phenomenon is interesting since cementite is stable at room temperature and the solubility of carbon in ferrite is quite low. In our previous APFIM and TEM studies [11,13], we reported the microstructures of pearlitic steel wires of maximum strain of 4.2 with tensile strength of 3,930 MPa. In this specimen, cementite was present as fragmented nanoscale particles, and evidence for partial dissolution of cementite was also observed. It is interesting to see how these microstructure change in a pearlitic steel wire with a higher strain. Hence, in the present study, we have characterized the microstructure of a pearlitic steel wire with a higher strain as much as 5.1 with tensile strength of 5,170 MPa.