Plain carbon steels are being replaced by heat treatable steels having high formability due to they require high durability. To make high carbon steel which has a high formability, the effect of hot rolled microstructure, cold rolling and spheroidization annealing parameters on formability and microstructure are investigated. Planar anisotropy parameter shows lower value in hot rolled and 151 spheroidization annealed specimens than final cold rolled and recrystallization annealed specimens, because of its weak textures. In order to reduce annealing time and obtain ideal microstructure which has fine distributed carbide in Batch Annealing Furnace(BAF), 2-step annealing using partial austenitization in BAF is examined. The microstructure of 2-step annealing has fine spheroidized carbide, because partial austenitization accelerate carbide segmentation in I annealing step. Therefore, it shows higher formability than existing specimens which made by established method.