Dual phase steel generally has poor deep drawing property with a low r value less than 1.0, making it difficult to be used for deep drawing automotive parts. In order to improve the mechanical properties of the steel through heat treatment, effect of heat treatments with different conditions on a Fe-Si-Cr-Mo-C deep drawing dual-phase steel was investigated with the aim of identifying effective heat treatment parameters for effective modification towards optimal properties. Relevant thermal dilation and heat treatment experiments were performed. Corresponding characters were investigated. The results show that island martensite can be obtained at low cooling rate. With the increase of cooling rate, the formation of pearlite and bainite is favored. During annealing at low temperatures, recrystallization of the steel is incomplete with the presence of the shear bands. With the increase of annealing temperature, the recrystallization process is gradually complete, and the number of high angle grain boundaries increases significantly. The ratio of gamma orientation components to alpha orientation components decreases first and then increases with the increase of annealing temperature. The strain hardening exponent and r value show an upward trend with respect to annealing temperature, and the r value is as high as 1.15.