A mathematical model is developed to consider the impact of microstructural parameters, including the volume fraction and the average particle size of martensite, on the flow stress and strain‐hardening behavior of dual‐phase microstructure. In this regard, the micromechanical approach is applied for partitioning the stress and strain in ferrite and martensite. Martensite carbon content and geometrically necessary dislocations, generated from austenite‐to‐martensite transformation, and strain accommodation at the ferrite–martensite interface, are involved to modify the partitioned stress of martensite and ferrite, respectively. Having partitioned stress in each phase, the global stress is estimated as the function of steel chemical composition, ferrite grain size, martensite particle size, aspect ratio, and volume fraction. To evaluate the applicability of the proposed model, four dual‐phase steels containing 12, 25, 34, and 48% volume fractions of martensite are prepared from the intermediate quenching process, and then after the strain‐hardening stages are investigated. Comparing the experimental result and model output reveals that the presented model shows good predictive capabilities to identify strain‐hardening stages and estimate the inverse of the strain‐hardening exponent.