The aim of the current study is to design multiaxial forging (MAF) schedules in order to achieve submicron-grained (<1μm) structure in a microalloyed (MA) steel as well as an interstitial-free (IF) steel, which could impart a good combination of yield strength and tensile ductility. At the same time, an effort has been made to evaluate the fracture toughness characteristics by conducting 3-point bend tests and computing the KQ, Kee and J-integral values of ultrafine grained (UFG) samples and correlating them with the microstructure, besides evaluating the other mechanical properties. Fatigue strength in the high cycle fatigue (HCF) regime were also investigated and fracture mechanisms analyzed and comparison established between differently processed samples. The microstructural analysis was performed using transmission electron microscopy (TEM) and Electron backscatter diffraction (EBSD) and results corroborated with the mechanical properties. Superior combinations of yield strength (YS), ductility (% El.), fracture toughness (Kee) and high cycle fatigue strength (σf) were obtained under certain conditions, i.e., i) MA steel: intercritical (α+γ) phase regime (~Ar1) controlled and 15-cycle multiaxially forged (MAFed) (YS=1027MPa, %El.=8.3%, σf=355MPa and Kee=90MPa√m), and ii) IF steel: ferritic region (<Ar1) controlled 18-cycle MAFed (YS=881MPa, %El.=11.2%, σf=255MPa and Kee=97MPa√m). In the case of MA steel, an enhancement of the fatigue and fracture toughness properties can be ascertained following the formation of uniformly distributed nanosized fragmented cementite (Fe3C) particles (~35nm size) present in the submicron sized (average ~280nm size) ferritic microstructure. In contrast, in the case of IF steel, this is ascribed to the development of submicron sized ferrite grains (average ~320nm) along with a high density of dislocation substructures. These fine dislocation cells/substructures along with the nanosized Fe3C particles could effectively block the initiation and propagation of cracks and thereby enhance the fatigue endurance and fracture toughness of the steel. Superior fracture toughness along with high mechanical properties in submicron-grained condition render the two steels highly useful for high-strength structural applications.