In this paper, the strain hardening behaviors of a low carbon Nb-microalloyed Si–Mn quenching–partitioning (Q–P) steel were investigated. The microstructures were analyzed by the scanning electron microscope (SEM) and transmission electron microscope (TEM). Mechanical tests were used to evaluate the room temperature tensile properties of the steel. The work hardening behaviors of the tested specimens were analyzed using the Hollomon approach. The results showed that a two-stage work hardening behavior was observed during deformation processes. In the first stage, for the quenched samples, martensite deforms plastically and the hardening exponent decreased. For the air-cooled samples, however, the carbide-free ferrite deforms preferentially, and then, the carbide-free ferrite and martensite co-deform. In the second stage, due to the effect of transformation induced plasticity of retained austenite, the hardening exponent decreased slowly and plateaus were observed in the plots of ni–εt until fracture. Variations of the work hardening behaviors were related to the martensite and the volume fraction of retained austenite in Q–P steels and the microstructural evolution during partitioning and following cooling process.