The new cast steel with a chemical composition of Fe-(0.85-0.95)C-(1.50-1.60)Si-(2.40-2.60)Mn-(1.0-1.2)Al-(0.30-0.40)­Mo-(0.10-0.15)V-(1.0-1.1)Ni (all in wt.%) was investigated in aspect of formation of the multiphase microstructure leading to high strength and ductility. Two types of heat treatment technologies were developed. The first one involves softening annealing at a temperature of 650°C for 4 hours, heating up to 950°C and holding for 2 hours, and then fast cooling down to 200°C and isothermally treated for 2 hours. The second one involves homogenizing annealing at 1100°C for 6 hours, then cooling with furnace down to 950°C and holding for 2 hours, then fast cooling down to 200°C and isothermally treated for 2 hours. A unique microstructure of cast steel consisting of martensite and retained austenite plates of various thicknesses and volume fractions was obtained. Additionally, nanometric transition carbides were noticed after the above-mentioned heat treatments. This microstructure ensures high hardness, strength and plasticity ( Rm = 1426 MPa and A = 9.5%), respectively, due to the fact that TWIP/TRIP processes occur during deformation related to the high volume fraction of retained austenite, which the stacking fault energy is above 15 mJ/m ^–2 resulting from the chemical composition of the investigated cast steel.