The effect of cold drawing on the evolution of microstructure and texture of near eutectoid steel wire is studied to understand the deformation micromechanism of the wire drawing process. The texture evolution during wire drawing is simulated using a viscoplastic self-consistent (VPSC) model and successfully validated by experimental results. The favorable pearlitic colonies having lamellas aligned along the wire axis are found to undergo thinning and form a fibrous structure. On the other hand, the lamellas oriented perpendicularly to the wire axis are found to undergo bending and kinking in the process of aligning themselves with the wire axis. A (langle 011rangle ) crystallographic texture develops after the wire drawing from the (langle 111rangle ) and (langle 110rangle ) texture of the as-received steel. The VPSC simulation illustrates the relative significance of the {112}(langle 111rangle ) slip in comparison to that of the traditionally used {110} (langle 111rangle ) slip. The VPSC simulation also illustrates presence of about 5 – 6 active slip systems (AVACS) that make it possible to maintain strain compatibility in polycrystalline materials.