Severe cold rolling and short intercritcal annealing is often used to produce ultra-fine grained ferrite and martensite dual phase steels. In this paper, microstructure and texture of Nb-microalloyed steel following cold rolling and short intercritical annealing is investigated. The results show that cold rolling and annealing resulted in ultra-fine grained dual phase steel consisted of polygonal ferrite in the range of ~1-2 μm in size. In cold rolled material, the texture components are γ fiber (//normal direction) and α fiber (//rolling direction). Partial recrystallization texture was observed following intercritical annealing.