Dual phase (DP) structure formed by partial reversion from cold-deformed martensite was investigated to improve mechanical property of DP steel by grain refinement strengthening. A low carbon martensitic steel (0.15C-1.0Mn) was cold-rolled and then held just above A1 temperature to partially form austenite. In particular, the conditions of rolling reduction (0~60% reduction in thickness) and heating rate (0.083 and 100 K/s) were varied to understand their effects on the microstructural development of DP structure. Although the recrystallization has never occurred in undeformed martensite, cold-deformed martensite was more easily recrystallized before reversion with increasing rolling reduction and lowering heating rate. Then, the matrix of DP structure was changed from tempered martensite to recrystallized ferrite, which had a large influence on the distribution of fresh martensite transformed from reversed austenite. The higher rolling reduction and heating rate resulted in the finer DP structure, leading to a large improvement in strength level.