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The microstructure and mechanical properties of a V-microalloyed Al-containing medium-Mn steel after hot rolling and intercritical annealing (IA) are explored. The tested steel exhibits a fine multiphase microstructure consisting of bimodal sizes of ferrite and retained austenite plus considerable amount of fine VC and/or M3C precipitates. Physical–chemical phase analysis shows that about 71.0％ of the total V is in VC phase and more than 93％ of VC particles is less than 5 nm. The calculated precipitation strengthening values of VC are ～ 347 and ～ 234 MPa for the specimens intercritically annealed at 625 and 750℃, respectively. An excellent combination of strength and ductility as high as ～ 50 GPa％ and yield strength (YS) of 890 MPa was obtained at intercritical temperature (TIA) of 725℃, although it does not correspond to the maximum precipitation strengthening of VC phase. Therefore, it is suggested that an optimization of TIA corresponding to both excel-lent combination of strength and ductility and high YS should be further explored through chemical composition and IA process optimization.