In recent years, TRIP steels which are composed of ferrite, bainite, and retained austenite have drawn much attention for automotive sheets due to excellent combination of strength and ductility. The effect of two-step isothermal heat treatment of bainitic transformation on microstructures, especially retained austenites and tensile properties in the conventional TRIP steel was investigated. A two-step isothermal heat treatment, in which 50% bainitic transformation occurred at high temperature, followed by bainitic transformation at low temperature, improves tensile properties, resulting from enhanced mechanical stability of retained austenite against external plastic deformation due to refinement of retained austenites, compared to single-step isothermal heat treatment.