The study aims to explore high‐carbon steel's behavior during cold drawing, focusing on the link between microstructural changes, texture, and mechanical properties at different strain levels. Using X‐ray diffraction, scanning electron microscopy–electron backscatter diffraction, micro‐ and nanoindentation, and wear analysis, findings show that grain size and interlamellar spacing decrease as strain increases, and pearlitic colonies become more compact and aligned. This refinement leads to significant hardening, from 333.8 HV in the wire rod to 470.4 HV at 2.05 strain, aligning with the Hall–Petch law. The <110> fiber texture develops linearly, and a higher dislocation density is noted at lower strain rates, with low‐angle grain boundaries increasing from 65.2% to 76.5%. The cold drawing process is thus divided into two phases, marked by a shift from low‐angle grain boundaries dominance and a notable reduction in wear rate compared to severely deformed states.