The multiphase steels have complex microstructures containing polygonal ferrite, martensite, bainite, carbide and a small amount of retained austenite. This microstructure provides these steels with a high mechanical strength and good ductility. Different thermal cycles were simulated in the laboratory in order to create the microstructures with improved mechanical properties. The samples were heated to various annealing temperatures (740, 760 or 780°C), held for 300 s, and then quickly cooled to 600 or 500°C, where they were soaked for another 300 s and then submitted to the accelerated cooling process, with the rates in the range of 12-30°C/s. The microstructure was examined at the end of each processing route. The mechanical behavior evaluation was made by microhardness testing. The microstructural characterization involved optical microscopy (OM), X-ray diffraction (XRD), scanning electron microscopy (SEM) with electron backscattering diffraction (EBSD) and transmission electron microscopy (TEM). The use of multiple regression analysis allowed the establishment of quantitative relationship between the microstructural parameters, cooling rates and mechanical properties of the steel.