High Silicon Austempered steels (AHSS) are materials of great interest due to their excellent combination of high strength, ductility, toughness, and limited costs. These steel grades are characterized by a microstructure consisting of ferrite and bainite, accompanied by a high quantity retained austenite (RA). The aim of this study is to analyze the effect of an innovative heat treatment, consisting of intercritical annealing at 780 °C and austempering at 400 °C for 30 min, on the microstructure and mechanical properties of a novel high silicon steel (0.43C-3.26Si-2.72Mn wt.%). The microstructure was characterized by optical and electron microscopy and XRD analysis. Hardness and tensile tests were performed. A multiphase ferritic-martensitic microstructure was obtained. A hardness of 426 HV and a tensile strength of 1650 MPa were measured, with an elongation of 4.5%. The results were compared with those ones obtained with annealing and Q&T treatments.