The intercritical annealing treatment at 650 and 700 ℃ results in two ultrafine-grained (UFG) dual-phase ferrite-austenitesteels. The two steels exhibit different and special discontinuous yielding and pronounced Lüders-like strain phenomenawith large yielding strain which are related to their retained γ-austenite (RA) volume fractions and RA stabilities. The steelannealed at 650 ℃ shows an absent or very small strain hardening, while the steel annealed at 700 ℃ shows an obviousstrain hardening upward curvature with increasing strain. The results show that before and during straining, the steel annealedat 650 ℃ exhibits a mixture of equiaxed and elongated UFG α-ferrite and austenite phases; however, the steel annealed at700 ℃ exhibits only elongated UFG α and γ phases. It was found that most of the γ-austenite to α′-martensite transformationoccurred at the initial deformation stage and very small or almost no transformation occurred afterward. This demonstratesthat the strain-induced martensite (SIM) transformation (γ-α′) or transformation-induced plasticity (TRIP) effect dominatesonly at the initial deformation stage. RA remained stable, and no TRIP effect was observed at the final deformation stage. Theload-unload-reload test was performed to evaluate the back stress (σb) hardening effect. It is believed that the pronouncedstrain hardening behavior at the later deformation stage is mainly associated with σb enhancement induced by the strainpartitioning between the soft and hard phases due to SIM transformation during tensile deformation.