In order to reduce the weight of automotive steel and achieve the lightweight design of automobiles,the microstructures and mechanical behavior of cold rolled Fe12Mn7Al0.6C(V) steels annealed at different temperatures were investigated. The results showed the volume fractions of austenite and grain sizes increased with increasing the annealing temperature.The strengths of the steels decreased and the ductility of the steels increased first and then decreased as the annealing temperature increased. The strain hardening behavior exhibited a threestage characteristic.During the deformation process, planar slip occurred in austenite and wavy slip occurred in ferrite. With the increase of deformation amount, slip bands in different directions were formed in austenite and cellular structures were formed in ferrite. The addition of V enhanced both strength and ductility of the material.