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Steel designs with superior mechanical properties have been urgently needed in automotive industries to achieve energy conservation, increase safety, and decrease weight. In this study, the aging process is employed to enhance the yield strength (YS) by tailoring the distribution of V-rich precipitates and to improve ductility by producing high volume fractions of recrystallized ferrite in cold-rolled medium-Mn steel. A reliable method to acquire ultra-high strength (1.0–1.5 GPa), together with ductility (>40%), is proposed via utilizing non-recrystallized austenite and recrystallized ferrite. Similarly to conventional medium-Mn steels, the TRIP effect, along with the mild TWIP effect, is responsible for the main deformation mechanisms during tensile testing. However, the coupled influence of precipitation strengthening, grain refinement strengthening, and dislocation strengthening contributes to an increase in YS. The studied steel, aged at 650 °C for 5 h, demonstrates a YS of 1078 MPa, ultimate tensile strength (UTS) of 1438 MPa, and tensile elongation (TE) of 30%. The studied steel aged at 650 °C for 10 h shows a UTS of 1306 MPa and TE of 42%, resulting in the best product in terms of of UTS and TE, at 55 GPa·%. Such a value surpasses that of the previously reported medium-Mn steels containing equal mass fractions of various microalloying elements.