Dual-phase (DP) steels, characterized by a microstructure comprising a mixture of hard and soft phases, exhibit a unique combination of strength and ductility, making them ideal for various engineering applications. Despite the extensive research conducted on various aspects of DP steels, there remains a notable absence of a comprehensive review focusing specifically on the micromechanical behavior of individual constituents and their correlations with the macromechanical characteristics of these materials. In this review article, the most widely used techniques for quantifying micromechanical properties are outlined. The latest studies examining the micromechanical behavior of individual constituents in DP steels are reviewed. The relationships between microstructure and micromechanical properties in DP steels are investigated. Recent studies on how the micromechanical characteristics of the constituents correlate with macromechanical properties, including hardness, strength, elongation, and strain hardening are tracked. Recent advancements in micromechanical modeling and simulations that bridge the gap between microstructural features and macroscopic performance, providing insights into the design of DP steels with tailored properties are also highlighted. By synthesizing findings from experimental and theoretical studies, it is aimed to enhance the understanding of how the micromechanical behavior of individual phases influences the overall mechanical performance, ultimately guiding the development of high-performance materials for automotive and structural applications.