In this study, it is attempted to achieve a balanced enhancement of strength and ductility in warm‐rolled Fe–30.5Mn–8Al–1.0C (wt%) lightweight austenitic steel through aging treatment. Samples are warm rolled at 350 °C with different reductions of 25%, 45%, and 65%, followed by aging at 600 °C for 10 min. In the results, it is indicated that the 65% reduction sample exhibits an exceptional performance with well‐balanced ultimate tensile strength (1610.3 ± 1.2 MPa) and total elongation (16.2% ± 0.6%). Such an excellent strength–ductility match is primarily attributed to deformation twinning, shear band refinement, and κ‐carbide precipitation strengthening, which collectively contribute to an improved work‐hardening capacity. In this study, the efficacy of combined warm‐rolling and aging treatments in optimizing the mechanical properties of Fe–Mn–Al–C steel is highlighted.