Instead of hot rolling and cold rolling followed by annealing, strip casting is a more economic and environmentally friendly way to produce transformation-induced plasticity (TRIP) steels. According to industrial practice of strip casting, rapid cooling in this work was achieved using a dip tester, and a Gleeble 3500 thermo-mechanical simulator was used to carry out the processing route. A typical microstructure of TRIP steels, which included ~0.55 fraction of polygonal ferrite with bainite, retained austenite and martensite, was obtained. The effects of deformation (0.41 reduction) above non-recrystallisation temperature, isothermal bainite transformation temperature and the size of second phase region on microstructure and mechanical properties were studied. The steel isothermally transformed at 400 °C had the best combination of ultimate tensile strength (UTS) and total elongation (TE), whether deformation was applied or not. The deformation resulted in the improvement of mechanical properties after holding at 400 °C: the UTS increased from 590 to 696 MPa and TE decreased from 0.27 only to 0.26. It was predominantly ascribed to grain size refinement and dislocation strengthening. The studied TRIP steel had comparable mechanical properties with TRIP 690 produced commercially.