A set of experiments is carried out to clarify the microstructure development during an intercritical spheroidization process in AISI 1045 ferritic–perlitic steel, as well as its structure‐property relationships at room temperature. Microstructures with a distinctive combination of fine spheroidized carbide particles within a ferrite matrix are created through different heat‐treatment combinations. The validation and evaluation of the accuracy of the spheroidizing kinetics and particle coarsening, as well as the prediction of tensile properties of the investigated material, are carried out based on the common empirical and empirical‐physical models. Some of the models are then adapted for the material. Quantitative analyses reveals that not all of the model‐based predictions correlate well with the experimental measurements. Such instances are associated with the peculiarities of the investigated material.