As an industry-university cooperative project, an experimental research was conducted to develop a new cold-rolled transformation-induced plasticity (TRIP) steel with a tensile strength of 780 MPa and an elongation of 25% under the conditions that some processing parameters were preestablished according to the actual conditions of factory production lines. The optimal heat treatment conditions for obtaining excellent strength-ductility balance, specifically in intercritical annealing temperature and isothermal treatment temperature, were investigated by means of thermal simulation tests. Ultimately the desirable mechanical properties were attained successfully, and the microstructure and retained austenite stability were studied by optical microscopy (OM) and electron back-scattered diffraction (EBSD). It has been discovered that the sizes of retained austenite grains are generally proportional to the sizes of carbon-clear space (ferrite and bainite) around them, and there is marked selectivity in their transition sequences under stress-strain. As an industry-university cooperative project, an experimental research was conducted to develop a new cold-rolled transformation-induced plasticity (TRIP) steel with a tensile strength of 780 MPa and an elongation of 25% under the conditions that some processing parameters were preestablished according to the actual conditions of factory production lines. The optimal heat treatment conditions for obtaining excellent strength-ductility balance, specifically in intercritical annealing temperature and isothermal treatment temperature, were investigated by means of thermal simulation tests. Ultimately the desirable mechanical properties were attained successfully , and the microstructure and retained austenite stability were studied by optical microscopy (OM) and electron back-scattered diffraction (EBSD). It has been discovered that the sizes of rendered austenite grains are generally proportional to the sizes of carbon-clear space (ferrite and bainite) around them, and there is marked se lectivity in their transition sequences under stress-strain.