Advanced heat treatments of low-alloy steels like quenching and partitioning (Q&P) allow the adjustment of high strength in combination with moderate ductility. In this work, we combine the short cycle times of press hardening with the excellent properties of Q&P treated steels to design a novel press partitioning process that allows a direct partitioning within a processing tool. For a low-alloy 37SiB6 steel, a suitable austenitization temperature of 950 °C and a partitioning temperature of 250 °C for the Q&P treatments are determined by dilatometry. We then produce a series of reference conditions with retained austenite fractions ranging from 2.1 to 6.3 wt.-% in a conventional furnace, showing tensile strengths up to 1860 MPa and elongations to failure up to 7%. Complementary numerical studies of the press partitioning process indicate that the temperature profiles and cooling rates vary within die of the processing tool. For an experimental characterization of the sheet material under these process-related conditions, a custom-designed thermo-mechanical testing rig is used. This novel setup is explained in detail and used to carefully characterize the mechanical behavior by the application of combined thermography and digital image correlation measurements at testing temperatures up to 700 °C. First processing experiments reveal strength gradients and locally different microstructures in the semi-finished product. They moreover demonstrate that the die temperature is an important factor for successful processing. Our results provide detailed information on the thermo-mechanical behavior of the new low-alloy steel in a wide range of testing temperatures and they show that it is suitable for Q&P heat treatments in the novel press partitioning process.