A modified heat treatment process designated quenching–partitioning–tempering (Q–P–T) process is developed based on the quenching and partitioning process proposed by J.G. Speer et al. [Acta Mater.51, 2611 (2003)] and D.K. Matlock et al. [Mater. Sci. Forum426–432, 1089 (2003)]. A Fe–0.485C–1.195Mn–1.185Si–0.98Ni–0.21Nb steel after Q–P–T process satisfies the designed requirement of tensile strength over 2000 MPa and elongation over 10%. The microstructure characterization indicates that this ultrahigh-strength steel consists of nanomicrostructures including lath martensite, filmlike retained austenite, and dispersive Nb-containing carbides. The effect of tempering time on the mechanical properties is analyzed based on microstructures.