Advances in the development of new high strength steels have resulted in microstructures containing significant volume fractions of retained austenite. The transformation of retained austenite to martensite upon straining contributes towards improving the ductility. However, in order to gain from the above beneficial effect, the volume fraction, size, morphology and distribution of the retained austenite need to be controlled. In this regard, it is well known that carbon concentration in the retained austenite is responsible for its chemical stability, whereas its size and morphology determines its mechanical stability. Thus, to achieve the required mechanical properties, control of the processing parameters affecting the microstructure development is essential.