The “quenching and partitioning” process is a new heat treatment for the development of multiphase steels with improved mechanical properties. In this work, a partial austenitization followed by Q&P paths, at which the partitioning step is effectuated at a temperature equal to the quenching temperature, has been applied to a low-carbon steel. The resulting multiphase microstructures have been investigated by optical microscopy using bright field and differential interference contrast, electron backscatter diffraction, X-ray diffraction and magnetic measurements. This group of techniques has led to a complete identification of the microstructural constituents: ferrite present during the partial austenitization, epitaxial ferrite formed during cooling, martensite and retained austenite. The analysis of the results has shown a significant relevance of the epitaxial ferrite in the retention of austenite, whereas the carbon partitioning from martensite to austenite has played a minor role.