Low density (LD) steels have shown particular characteristics in terms of mechanical properties and microstructure, since they have high strength, high ductility and density reduction up to 18%. On the other hand, the addition of microalloying elements such as Ti and B generate hardening by solid solution and precipitation, as well as grain refinement effect. LD steels generate nano-sized kappa phase precipitated from the austenite matrix, and these advanced steels can reach strength and elongation up to 780 MPa and 60%, respectively. The main objective of this research work is the metallographic, structural and mechanical characterization of a LD steel microalloyed with Ti/B in as-cast and -homogenized conditions. For this purpose a Fe-27Mn-7Al-1.2C (%wt) LD steel microalloyed with Ti/B was melted in a vacuum-induction furnace and cast in metallic mold. LD-Ti/B steel samples were homogenized at 1100 °C during 20, 50, 100, 150 and 200 minutes followed by water quenching. Metallographic, structural and mechanical characterization was carried out by optical (LOM) and scanning electron (SEM) microscopy, X-ray diffraction (XRD) and microhardness Vickers testing (HV10), respectively. In general, results showed a typical dendritic microstructure with average grain size of 1256 μm in the as-cast condition. On the other hand, the as-homogenized condition showed an austenitic equiaxial microstructure with average grain size from 164 to 940 μm. Austenite, ferrite and kappa phases were detected by X-ray diffraction (XRD). Also, second-phase particles such as AlN, TiC and MnS were detected by LOM and SEM-EDS analysis. LD steel microalloyed with Ti/B exhibited the highest microhardness Vickers value (235 HV10) in the as-cast condition, whilst in the as-homogenized condition microhardness gradually decreases from 223 to 198 HV10 as holding time increases.