The ferrite-pearlite microstructure was cold-rolled to form dual phase (DP) steels, the percentage reduction of which varied. To do so, the steels were annealed in two steps and then the workpiece underwent water quenching. Accordingly, a decrease was observed in the average size of the ferrite grains, from above 15 µm to below 2 µm, subsequent to the thermomechanical processing. By an increase in the reduction percentage, the volume fraction of martensite grew. The balance between strength and elongation also improved nearly 3 times, equivalent to approximately 37,297 MPa% in DP in comparison to 11,501 MPa% in the ferrite-pearlite microstructure, even after 50% cold-rolling. Based on Hollomon and differential Crussard-Jaoul (DC–J) analyses, the DP steels under investigation deformed in two and three stages, respectively. The modified C–J (MC–J) analysis, however, revealed that the deformation process took place in four stages. The rate of strain hardening at the onset of the deformation process was rather high in all DP steels. The given rate increased once the size of the ferrite grains reduced; an increase in the volume fraction of martensite due to larger percentage of reduction also contributed to the higher rate of strain hardening. The observation of the fractured surfaces of the tensile specimens indicated ductile fracture of the studied DP steels.