In this study, the relationship between mechanical properties and the effects of second phase in tri-phase steel which was composed of ferrite-martensite-bainite was investigated. In order to obtain different microstructure of ferrite+martensite(DP), ferrite+bainite(F+B), and ferrite+martensite+bainite(TP, different heat treatment has been accomplished. The effects of volume fraction and microstructure of each specimen were studied on tensile property, Charpy impact energy and stretch-flangeability. As the bainite content in triphase steels increased, the tensile strength, and yield strength decreased as well as the reduction of area and strength-uniform elongation increased. However, ferrite-bainite steel had high yield ratio and yield point elongation. The Charpy impact energy of TP and F+B steel was higher than that of DP steel. In addition, the characteristics of hole expanding limit($lambda$) of TP steel and F+B steel were higher than that of DP steel. These mechanical properties of tri-phase steel have been improved, because bainite could be deformed easily within ferrite matrix. The effect of bainite on ductility in tri-phase steel has been found to be favorable. In this experiment, tri-phase steel contained within 27% bainite volume fraction had good nechanical properties and superior stretch-flangeability.