In order to obtain the good match between yield strength and low-temperature toughness, the short-time partial austenitization (SPA) process was employed for V-microalloying 0.22C-5.24Mn steel. The initial microstructure after intercritical tempering was dual-phase ferrite and reversed austenite (RA), while the final microstructure was consisted of ferrite, RA and secondary martensite (SM) after subjected to SPA process. (V, Mo)C with disc-like morphology mainly precipitated during intercritial tempering, and the aspect ratio of particle decreased, leading to the appearance of near-spherical morphology. After subjected to SPA process, the resultant multiphase hierarchical microstructure (three layers: out layer of ferrite, interlayer of SM and inner layer RA) enabled high yield strength of 1097 MPa, total elongation of 14%, and impressive impact energy of 33.3 J at -20 °C. The strengthening contribution of (V, Mo)C precipitation was estimated about 108 MPa.