New concepts proposed for processing of dual phase (DP) steels as one of the main classes of advanced high-strength steels (AHSSs) to enhance their mechanical properties (strength–ductility combination) and corrosion resistance were introduced. The current review covers (I) the processing routes to obtain the ferritic–martensitic microstructures, (II) parameters of intercritical annealing (IA) treatment, (III) primary thermomechanical treatments, and (IV) post processing. First, the principal heat treatment methods, i.e., step quenching, intermediate quenching, and intercritical annealing of ferritic–pearlitic steel, as well as the partitioning of manganese were critically discussed. Then, the effects of holding time at the intercritical annealing temperature on the austenitization, grain coarsening kinetics, abnormal grain growth, and volume fraction of martensite were summarized. Next, the importance of cold deformation (notably rolling) and heating rate for the development of fine-grained DP microstructures (with chain-networked martensitic islands) through recrystallization and modification of the preferred nucleation sites for the austenite phase was discussed. Moreover, the applications of severe plastic deformation techniques (such as constrained groove pressing), thermal cycling (multi-step or repetitive intercritical annealing), and spheroidization heat treatment were discussed. Finally, the impacts of tempering, quench aging, and bake hardening on the properties of DP steel were reviewed. This short overview shows the opportunities that the conventional and innovative processing routes can offer for the potential industrial applications of DP steels, especially in the lightweight car body for the automotive industry to address the safety, fuel consumption, and air pollution issues.