This study aimed to fabricate a dual-phase (DP) steel with a combination of high strength-ductility-toughness by thermomechanical processing for industrial applications. Accordingly, the effects of 40 % cold deformation and intercritical annealing temperature on the microstructural evolution and tensile properties of low-carbon steel were studied. The microstructure of dual-phase steels consisted of ferrite (α) and martensite (α'), however, the morphology of martensite was different. With increasing the intercritical annealing temperature, the martensite fraction increased gradually from 0.41 at 770 °C to 0.51 at 860 °C. Also, the increase of martensite fraction from 0.41 to 0.51 caused a decrease in the martensite carbon concentration from 0.174 to 0.142 wt%. All dual-phase steels had a larger hardness than the as-received steel. When the temperature of annealing increased from 770 °C to 860 °C, the yield strength enhanced from 370.4 to 496.3 MPa, the ultimate tensile strength improved from 642.0 to 809.2 MPa, the total elongation decreased slightly from 31.8 % to 29.8 %, and the energy absorption increased from 190.0 to 217.6 J/cm3. The work hardening rate of all DP samples was considerably higher than other samples. Unlike initial, quenched, and rolled samples, the DP steels exhibited three-stage strain hardening behavior with increasing the true strain. For all dual-phase steels, a perfect ductile fracture was observed, with numerous uniform deep and coarse dimples. The dominant mechanism in the fabricated dual-phase steels was interface decohesion.