The low-carbon steel (~0.12 wt%) with complete martensite structure, obtained by quenching, was cold rolled to get the high-strength steel sheets. Then, the mechanical properties of the sheets were measured at different angles to the rolling direction, and the microstructural evolution of low-carbon martensite with cold rolling reduction was observed. The results show that the hardness and the strength gradually increase with increasing rolling reduction, while the elongation and impact toughness obviously decrease. The strength of the sheets with the same rolling reduction are different at the angles of 0°, 45°, and 90° to the rolling direction. The tensile strength (elongation) along the rolling direction is higher than that in the other two directions, but the differences between them are not obvious. When the aging was performed at a low temperature, the strength of the initial martensite and deformed martensite increased with increasing aging time during the early stages of aging, followed by a gradual decrease with further aging. However, the elongation increases with increasing aging time. The change of hardness is consistent with that of strength for the cold-rolled martensite, while the hardness of the initial martensite decreases gradually with increasing aging time.