The effect of chemical composition on the microstructural change and tensile property in TRIP-assisted steels with different chemical composition was investigated by using SEM, TEM, XRD and UTM. As a result of microscopic observation, the morphology of retained austenite could be identified as two types : a granular type in a steel containing higher sillicon and a film type in a steel having higher carbon. For the case of higher carbon-containing steel with a tensile strength of 860 MPa and a total elongation of 38%, film-typed retained austenite could be observed between lath bainitic ferrite. Actually, metastable retained austenite was a requisite for the good formability, which means that chemical composition plays a significant role in the microstructure and tensile property of TRIP-assisted steels. With respect to tensile property, the steels containing suitable silicon and manganese, respectively, showed a typical TRIP effect in stress-strain curve, while a steel containing higher manganese content exhibited the assimilar behavior shown in dual phase steel.