The effect of microstructural features on ductility of cold drawn pearlitic steels containing 0.52 ～ 0.92 wt%C was investigated. During wire drawing, reduction of area (Rh) increased initially with the progressive realignment of randomly oriented cementite, showed a maximum peak due to the completion of the alignment of most cementite, and decreased with thinning or fragmentation of the aligned cementite. Among factors on ductility, cementite thickness was found to be the most dominant microstructural feature for Rh of drawn pearlitic wires, regardless of transformation temperature and carbon content in steels.