The mechanical behavior and microstructural evolution of a quenching and partitioning (Q&P) Fe-0.25C-1.5Si-3.0Mn (wt%) steel were investigated in a wide range of strain rates (10⁻⁴–10³ s⁻¹). The static tensile tests (10⁻⁴ and 10⁻² s⁻¹) were conducted using a universal testing machine, while high strain rate tests (500–1000 s⁻¹) were carried out on a split Hopkinson tensile bar system. High speed camera imaging combined with the digital image correlation (DIC) technique were employed to study homogeneity of plastic deformation. Electron backscatter diffraction (EBSD) and scanning electron microscopy were used to characterize the microstructure evolution in the deformed zone and the fracture surface, respectively. The results indicate that the yield strength of the Q&P steel in dynamic tests (500–1000 s⁻¹) is by 200 MPa higher compared to static tests (10⁻⁴ and 10⁻² s⁻¹), while the ultimate tensile strength tends to increase linearly with strain rate. The results of DIC analysis demonstrate that the homogeneity of plastic deformation is similar in static and dynamic test conditions. EBSD characterization shows that the retained austenite (RA) fraction decreases exponentially with the increase of plastic strain during both static and dynamic tensile testing. Additionally, examination of the fracture surfaces reveals the largest dimples in the statically tested specimens.