Conventional transformation induced plasticity (TRIP) steel (0.17C-1.52Si-1.61Mn-0.03Al, wt%) was produced via strip casting technology simulated in the laboratory. Effects of holding temperature, holding time and cooling rate on ferrite formation were studied via analysis of the continuous cooling transformation diagram obtained here. A typical microstructure for conventional TRIP steels consisting of ~ 0.55 fraction of polygonal ferrite with bainite, retained austenite and martensite was obtained. However, coarse prior austenite grain size of ~80 μm led to large polygonal ferrite grain size of ~17 μm, coarse second phase regions of ~21 μm size, small amount of retained austenite (0.02-0.045) and the presence of Widmanstätten ferrite. Optimisation of the microstructure-property relationship was reached via a variation in the isothermal bainite transformation temperature. The highest retained austenite fraction of 0.045±0.003 with medium carbon content of 1.23±0.01 wt% was obtained after holding at 400 °C, resulting in the highest ultimate tensile strength of 590±35 MPa and largest total elongation of 0.27±0.05. The presence of TRIP effect in the studied steel was revealed through the analysis of strain hardening exponent and modified Crussard-Jaoul model. Effect of processing parameters on retained austenite retention and stress-strain behaviour was discussed.