In the current study, a novel approach was employed to produce a unique combination of ultrafine ferrite grains and low temperature bainite in a low carbon steel with a high hardenability. The thermomechanical route included warm deformation of supercooled austenite followed by reheating in the ferrite region and then cooling to bainitic transformation regime (i.e. 400-250°C). The resultant microstructure was ultrafine ferrite grains (i.e. <4μm) and very fine bainite consisting of bainitic ferrite laths with high dislocation density and retained austenite films. This microstructure offers a unique combination of ultimate tensile strength and elongation due to the presence of ductile fine ferrite grains and hard low temperature bainitic ferrite laths with retained austenite films. The microstructural characteristics of bainite were studied using optical microscopy in conjunction with scanning and transmission electron microscopy techniques.