Lean alloyed (0.17C-1.35Si-1.72Mn-0.04Ti-0.04 V) steel produced industrially in hot rolled condition was subjected to single stage quench and partitioning. The heat treatment cycle involves austenitizing the steel in the inter critical zone (790 and 830 °C) and above AC3 (900 °C) for 5 min followed by partitioning at 250, 310 and 330 °C respectively for varying time between 1 and15 min. The yield strength and tensile strength increased with increase in austenization temperature for the increase in martensite content along with retained austenite, while a marginal change has been found with the partitioning time. Hence it is inferred that one to five minute of partitioning time is sufficient for the partitioning the steel to achieve the desired properties. Best combination of properties (tensile toughness of 23.41 GPa.%) was achieved at 830 °C of austenization with 310 °C of partitioning temperature with 5 min partitioning time, while in all the partitioning time for inter critically austenitized steel showed tensile toughness greater than 20 GPa.%, conferring third generation advanced high strength steel. Austenitization above Ac3 temperature although achieved better yield and tensile strength, the elongations were lower resulting lower tensile toughness (<20 GPa.%) due to presence of higher amount of martensites and retained austenite.