The deformation and fracture mechanisms of a low carbon microalloyed steel processed by asymmetric rolling (AsR) and symmetric rolling (SR) were compared by microstructural and texture evolutions during uniaxial tensile deformation. A realistic microstructure-based micromechanical modeling was involved as well. AsR provides more effective grain refinement and beneficial shear textures, leading to higher ductility and extraordinary strain hardening with improved yield and ultimate tensile stresses as well as promoting the occurrence of ductile fracture. This was verified and further explained by means of the different fracture modes during quasi-static uniaxial deformation, the preferred void nucleation sites and crack propagation behavior, and the change in the dislocation density based on the kernel average misorientation (KAM) distribution. The equivalent strain/stress partitioning during tensile deformation of AsR and SR specimens was modeled based on a two-dimensional (2D) representative volume element (RVE) approach. The trend of strain/stress partitioning in the ferrite matrix agrees well with the experimental results.