: Microstructure and mechanical properties of Dual Phase (DP) steel, produced via accumulative roll bonding (ARB) and subsequent intercritical annealing, were investigated in this research. This novel thermomechanical processing route was applied to a low carbon steel grade (Fe0.4Mn0.07C) with tensile strength 437 MPa, as well as an interstitial free (IF) steel grade with tensile strength 306 MPa. Microstructure and mechanical properties in both cases were studied, using scanning electron microscope (SEM), optical microscope (OM), peeling test, and uniaxial tensile test. The result of the peeling test showed that the bond strength increases by heat treatment. Also, expectedly, the higher the thickness reduction the higher the bond strength. Results show that the volume fraction of martensite increases with rolling reduction. This is in accordance with the said influence of thickness reduction on the bond strength. Moreover, it was found that the higher rolling reduction, the smaller ferrite grains size, and obviously the higher tensile strength one can achieve. The optimum thermomechanical processing route consists of 65% reduction, followed by 5 minutes annealing at 950°C. The increase in tensile strength with deformation is associated with a decrease in elongation. Results show that maximum tensile strength, which is 1024 MPa, can be achieved after three cycles of ARB. On the other hand, the highest elongation drop takes place at the first cycle, and more ARB cycles do not have any significant influence on the elongation. Tensile properties, achieved by this novel thermomechanical route, are comparable with that of commercial DP980 steel. The main advantage of this new proposed method, compared to other conventional methods, is its simplicity. Also, in this method the volume fraction of martensite and therefore final mechanical properties can be controlled more precisely.