The mechanical properties of Fe-Mn-Al-C steel are significantly enhanced after κ-carbide precipitation via aging; however, most aging treatments are energy demanding because they require relatively high temperatures and extended holding times. This research determined that the precipitation of these carbides can also occur within a few seconds of thermomechanical treatments (TMTs). This behaviour has not been reported post-TMTs for this steel group. Hot compression tests were performed on Fe-21Mn-11Al-1.5C-2Si wt% specimens at test temperatures ranging from 900 °C to 1150 °C and strain rates varying from 0.01 s−1 to 1 s−1. The effects of strain rate and test temperature on dynamic recrystallization behaviour were evaluated. The microstructures were characterized by scanning electron microscope and electron backscatter diffraction. Hardness tests were performed before and after applying processes studied i.e., TMT and aging treatment to determine the change in hardness induced. Particularly, nanoindentation tests were also used to collect indirect evidence about the deformation mechanisms. The load-displacement curves P-h and (P/h)-h showed the occurrence of several popins and slope changes related to the nucleation of dislocations and strain-induced phase transformations. The occurrence of these phenomena is discussed.