The usability of the magnetic Barkhausen noise (MBN) technique for monitoring the critical state of plastic straining in the case of interstitial free (IF) steel is demonstrated. IF steels are frequently employed in the automotive industry (e.g., automotive body parts—doors, trunks, wheel arches, etc.), and rupture of components made of these steels occurs during cold forming. Alteration of microstructure expressed in many terms and the corresponding MBN features after the variable degree of plastic strains developed by the uniaxial tensile loading are investigated. It is reported that the effective value of MBN, as well as the shift of MBN envelopes toward higher magnetic fields, can be proposed as the suitable MBN features alerting the incoming matrix breakage. Moreover, the higher MBN in the direction of exerted load at the expense of the perpendicular direction can be found as a result of domain walls realignment.