In recent years, high strength steels, particularly press‐hardening steel, have been more extensively employed for manufacturing safety‐relevant structural components in vehicle bodies. These applications require contrasting material properties such as extremely high strengths as well as high forming ductility. Owing to the purely martensitic microstructure, the residual ductility of the conventional press hardened steels is low. Quenching and partitioning heat treatments can fulfil the requirement of an increased residual ductility by stabilizing the retained austenite. Moreover, if the quenching and partitioning heat treatments are carried out after intercritical annealing treatment, then the steel's mechanical properties can be tailored by defining the volume fraction of ferrite in the microstructure. In order to determine the potential of an 1‐step quenching and partitioning heat treatment combined with intercritical annealing processes, elevated contents of retained austenite are produced in ferritic‐martensitic microstructures using the low‐alloyed 22MnB5 steel grade. In addition to a tempered martensitic microstructure, secondary martensite, and a low fraction of retained austenite, the microstructure consists of remaining fractions of ferrite; thus, providing an additional increase in ductility. For this optimized microstructure, a yield stress of 513 MPa and a tensile strength of 1045 MPa are measured with a total elongation of 10.8%.