Medium manganese (MMn) steels are a promising class of advanced high-strength steels (AHSS) with potential for application as vehicle panels in the automotive industry. In this study, the deformation behaviour of a representative cold-rolled MMn steel and its dependence on processing parameters are studied using uniaxial tensile testing under low-temperature hot stamping (LTHS) conditions, covering austenitisation soaking times of 60–600 s, deformation temperatures of 500–700 °C and strain rates of 0.01–5 s−1. A yield point phenomenon is observed for the first time in the early stage of deformation at such temperatures in this MMn steel, which has a submicron grain size. The extent of the yield point phenomenon is reduced, and strain hardening capability and total elongation are enhanced, with longer austenitisation soaking times, which give coarser-grained microstructures. The yield point phenomenon also tends to be weaker at higher deformation temperatures and lower strain rates; under these conditions, both the flow stress and the degree of strain hardening decrease, while the total elongation is insensitive to differences in deformation conditions. The mechanisms for the deformation behaviour and its dependence on test conditions are discussed. In addition, a set of unified constitutive equations is established and calibrated using the experimental data to predict the deformation behaviour of the MMn steel under uniaxial LTHS conditions, and close agreement with experiment, including the yield point phenomenon, is obtained.