The deformation-induced phase transformation of metastable austenite to martensite is accompanied by macroscopic plastic strain and results in significant work hardening and the delayed onset of necking. Steels that exhibit such transformation-induced plasticity (TRIP) effect possess high strength–ductility ratios and improved toughness. Since the stability of the retained austenite (RA) phase is the rate controlling mechanism for the TRIP effect, the factors affecting the chemical and mechanical stability of RA in CMnSi TRIP steels are discussed. It was suggested that chemical stability plays a more important role at low strains, whereas other factors become responsible for RA behavior at higher strains. The importance of optimizing the processing parameters to achieve the desirable level of austenite stability is highlighted. Finally, the influence of mechanical testing conditions and the interaction between the phases during tensile testing are also detailed.