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The present work elucidates the complex interplay between the changes in the microstructural features and tensile properties in a Ni-modified medium manganese steel under the combined influence of cold rolling (CR) and annealing treatment. The annealing temperature within 973 K–1273 K showed a wide range of microstructures, varying from single phase ferrite in CR-973 K to duplex microstructure (ferrite and austenite) in CR-1073 K and to multiphase structure (ferrite, austenite and martensite) in CR-1173 K and CR-1273 K annealed conditions. Additionally, B2 (NiAl) and intermetallic carbide precipitates were also found to be heterogeneously distributed in ferrite matrix of the CR-973 K annealed specimen. However, these precipitates dissolved and concurrently resulted in evolution of the austenite phase at an annealing temperature of ≥1073 K. Apart from the phase transformation, the recrystallization …