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Static recrystallisation of cold-rolled AISI 4130 medium carbon steel in the ferritic regime and its response to intercritical annealing treatment are studied. A fine and recrystallised microstructure with improved mechanical properties is obtained via subcritical annealing of cold-rolled sheet, where the subsequent intercritical annealing results in the enhancement of tensile strength via the formation of dual-phase microstructure. Intercritical annealing of the cold-rolled sheet is characterised by an initial drop in hardness due to recrystallisation and subsequent rise in hardness as a result of austenitisation. It is revealed that continuous martensite phase can result in a higher deformation resistance. Finally, the effects of intercritical annealing at temperatures below pearlite dissolution finish temperature (Ac1f) are discussed.