The effects of martensite morphology and tempering on the quasistatic and dynamic deformation behavior of dual-phase steels were investigated in this study. Dynamic torsional tests were conducted on six steel specimens, which had different martensite morphologies and tempering conditions, using a torsional Kolsky bar, and then the test data were compared via microstructures, tensile properties, and fracture mode. Bulky martensites were mixed with ferrites in the step-quenched (SQ) specimens, but small martensites were well distributed in the ferrite matrix in the intermediate-annealed (IA) specimens. Under a dynamic loading condition, the fracture mode of the SQ specimens was changed from cleavage to ductile fracture as the tempering temperature increased, whereas the IA specimens showed a ductile fracture mode, irrespective of tempering. These phenomena were analyzed in terms of a rule of mixtures applied to composites, microstructural variation, martensite softening and carbon diffusion due to tempering, and adiabatic shear-band formation.