The microstructures and mechanical properties of Fe‐24Mn‐10Al‐6Ni‐1C steels micro‐alloyed by Nb, Mo and Nb‐Mo co‐addition in both solid solution and aging states are evaluated. The results show that the addition of Nb, Mo or Nb‐Mo leads to a decrease in austenitic grain size and a suppression in κ‐carbides precipitation during aging. Besides, Mo slightly promotes precipitation of both B2 bands and particles as a ferrite stabilizer. While Nb and Nb‐Mo increase the volume fraction of B2 particles together with decreasing B2 bands due to the formation of NbC and (Nb, Mo)C. The strengths and ductility are improved simultaneously after adding micro‐alloying elements. The co‐addition of Nb‐Mo achieves a best combination of strength and ductility. After aging, the precipitation of κ‐carbides and B2 lead to a further enhancement in yield strength but a reduction in plasticity for all the experimental steels. Additionally, the effect of Nb/Mo on the strain hardening behavior are also analyzed.This article is protected by copyright. All rights reserved.