This article deals with the relationship between the microstructure and both strength and ductility in eutectoid pearlitic steel. It is seen how standard mechanical properties and fracture micromechanisms are affected by heat treatment and the resulting microstructure in the material. The yield stress, the ultimate tensile strength and the ductility (measured by means of the reduction in area) exhibit a rising trend with the increasing cooling rate (associated with smaller pearlite interlamellar spacing and a lower pearlitic colony size), while the strain for maximum load shows a decreasing tendency with the afore-said rising cooling rate. With regard to the fracture surface, its appearance becomes more brittle for lower cooling rates, so that the fracture process zone exhibits a larger area with observable pearlite lamellae and a lower percentage of microvoids.