The microstructural changes and the tensile properties of TRIP-assisted steels resulting from different chemical compositions were investigated by using SEM, TEM, XRD and UTM. As a result of microscopic observation, the morphology of retained austenite could be characterized by two types: a granular type in steel containing higher Si and a film type in steel having higher C. In the case of the steel containing higher C with a tensile strength of 860MPa and a total elongation of 38%, the film type retained austenite could be observed among the lath bainitic ferrites. Actually, the metastable retained austenite was required for good formability, which means that the chemical composition plays a significant role in the microstructure and tensile property of TRIP-assisted steel. With respect to the tensile property, each steel type that contained an suitable amount of Si and Mn demonstrated a typical TRIP effect on a stress-strain curve while steel that contained a higher Mn content exhibited similar behaviors, as demonstrated in the dual phase steels.