Low alloy multiphase TRansformation Induced Plasticity (TRIP) steels offer an excellent combination of a large uniform elongation and a high strength. This results from the composite behaviour of the different phases that are present in these steels: polygonal ferrite, bainitic ferrite and a martensite/austenite constituent. In order to obtain a clear understanding of the behaviour of the different constituents within the multiphase steel, they were prepared separately. The stress-strain relationship of the different single phase and multiphase steels were simulated with physically based micromechanical models. The model used to describe the stress-strain curves of the separate phases is based on the Mecking-Kocks and Seeger-Kocks theories and uses physical properties such as the microstructural properties and the chemical composition of the different phases. Strain-induced transformation kinetics, based on a generalized form of the Olson-Cohen law, were used to include the influence of the transformation of the metastable austenite. Static stress-strain properties of multiphase steels were modelled by the successive application of a Gladman type mixture law for two-phase steels. The model yields detailed information of stress and strain partitioning between the different phases during a static tensile test. A model for the dynamic stress-strain properties of ferritic steels is also proposed.