Instead of conventional steel making and continuous casting followed by hot and cold rolling, strip casting technology modified with the addition of a continuous annealing stage (namely, modified strip casting) is a promising short-route for producing ferrite-martensite dual-phase (DP) and multi-phase transformation-induced plasticity (TRIP) steels. However, at present, the multi-phase steels are not manufactured by the modified strip casting, due to insufficient knowledge about phase transformations occurring during in-line heat treatment. This study analysed the phase transformations, particularly the formation of ferrite, bainite and martensite and the retention of austenite, in one 0.17C-1.52Si-1.61Mn-0.195Cr (wt. %) steel subjected to the modified strip casting simulated in the laboratory. Through the adjustment of temperature and holding time, the characteristic microstructures for DP and TRIP steels have been obtained. The DP steel showed comparable tensile properties with industrial DP 590 and the TRIP steel had a lower strength but a higher ductility than those industrially produced TRIP steels. The strength could be further enhanced by the application of deformation and/or the addition of alloying elements. This study indicates that the modified strip casting technology is a promising new route to produce steels with multi-phase microstructures in the future.