The effect of prestraining (PS) and bake hardening (BH) on the microstructures and mechanical properties has been studied in transformation-induced plasticity (TRIP) and dual-phase (DP) steels after intercritical annealing. The DP steel showed an increase in the yield strength and the appearance of the upper and lower yield points after a single BH treatment as compared with the as-received condition, whereas the mechanical properties of the TRIP steel remained unchanged. This difference appears to be because of the formation of plastic deformation zones with high dislocation density around the as-quenched martensite in the DP steel, which allowed carbon to pin these dislocations, which, in turn, increased the yield strength. It was found for both steels that the BH behavior depends on the dislocation rearrangement in ferrite with the formation of cell, microbands, and shear band structures after PS. The strain-induced transformation of retained austenite to martensite in the TRIP steel contributes to the formation of a complex dislocation structure.