This study investigates the strengthening mechanism and carbide precipitation behavior of medium Mn steel with Nb-Mo microalloy after cyclic quenching and austenite reverse transformation treatment. The results show that the Nb/Mo element not only precipitates (Nb,Mo)C in the grains, hindering the movement of dislocations and increases the strength, but also segregates at the austenite/ferrite grain boundary, thus delaying the transformation from austenite to ferrite. In addition, a large amount of nano-scale cementite is retained after cyclic quenching and austenite reverse transformation, which has a positive effect on the proportion of retained austenite in medium Mn steel. Moreover, the carbides with small size and low Mn content are dissolved, and the decomposed C and Mn content are beneficial to the nucleation of austenite during the intercritical annealing process at a temperature of 690 °C.