The effect of aging treatments at various temperatures on the mechanical properties and microstructure of 10B21 cold heading steel with a 20% reduction in area (ε = 0.1) was investigated. The mechanical properties were evaluated based on tensile tests and hardness tests, while the evolution of microstructure was observed by using an optical microscope (OM), scanning electron microscope (SEM), transmission electron microscope (TEM) and X-ray diffraction (XRD). The results reveal that aging treatment enhance the strength and hardness of 10B21 cold heading steel after drawing, and the highest values of strength and hardness are attained at an aging temperature of 300 °C. Specifically, the yield and ultrahigh tensile strength after aging at 300 °C are measured at 620 MPa and 685 MPa, respectively, which are 30 MPa and 50 MPa higher than the cold-drawn sample. Moreover, the hardness after aging at 300 °C reaches 293 HV, which has an increase of 30 HV compared to the cold-drawn state. The improvement in mechanical properties may be related to the strain-aging mechanism and the increased density of dislocations. In addition, the analysis of the TEM results reveal that the presence of the second-phase Ti(C,N) contributes to pinning the dislocations, whereas the dislocations are pinned between the cementite (Fe₃C) lamellar and stacked at the grain boundaries, leading to strain hardening of the material.