Martensite-ferrite microstructures were produced in four microalloyed steels A (Fe-0.44C-Cr-V), B (Fe-0.26C-Cr-V), C (Fe-0.34C-Cr-Ti-V), and D (Fe-0.23C-Cr-V) by intercritical annealing. SEM analysis reveals that steels A and C contained higher martensite fraction and finer ferrite when compared to steels B and D which contained coarser ferrite grains and lower martensite fraction. A network of martensite phase surrounding the ferrite grains was found in all the steels. Crystallographic texture was very weak in these steels as indicated by EBSD analysis. The steels contained negligible volume fraction of retained austenite (approx. 3-6%). TEM analysis revealed the presence of twinned and lath martensite in these steels along with ferrite. Precipitates (carbides and nitrides) of Ti and V of various shapes with few nanometers size were found, particularly in the microstructures of steel B. Work hardening behavior of these steels at ambient temperature was evaluated through modified Jaoul-Crussard analysis, and it was characterized by two stages due to presence of martensite and ferrite phases in their microstructure. Steel A displayed large work hardening among other steel compositions. Work hardening behavior of the steels at a warm working temperature of 540 °C was characterized by a single stage due to the decomposition of martensite into ferrite and carbides at this temperature as indicated by SEM images of the steels after warm deformation. © 2014, ASM International.