The microstructure and mechanical properties of an Fe-0.24C-1.4Mn-1.4Si steel were investigated after combining ultrafast heating (UFH) at a heating rate of 500 °C/s followed by fast cooling to room temperature (DQ) or quenching and partitioning processes (Q&P). Two peak temperatures were studied, annealing into the intercritical range and above the A_C3 temperature. After ultrafast heating and quenching, the resulting microstructures revealed that intercritical annealing led to the formation of a banded ferritic-martensitic microstructure. On the other hand, heating above the intercritical range led to an even distribution of allotriomorphic ferrite grains upon fast cooling and a complex phase microstructure, consisting mainly of martensite, was produced. Q&P steel grades exhibit an enhanced mechanical behavior compared to their DQ counterparts, where yield strength, uniform elongation, and total elongation increased after partitioning at 400 °C. The ultimate tensile strength of the Q&P steels decreased compared to the DQ steels annealed at the same peak temperature. However, the final strength-ductility balance of the studied Q&P steels was superior to the DQ steel grades. Moreover, considerable strength and improved ductility were obtained through the combination of peak annealing above the A_C3 temperature followed by Q&P. These results are attributed to an interplay between a sustainable TRIP effect and effective strain-stress partitioning among the microconstituents resulted after the Q&P process.