TRIP-assisted steel with a composition of 0.2%C, 1.6%Mn, 1.5%Al was studied in the undeformed state, after the application of 10 and 30 % static tensile strain parallel to rolling the direction of the sheet and after dynamic (Hopkinson) fracture test. Detailed examination of the microstructure and microtexture by means of electron backscattered diffraction (EBSD) was carried out in order to quantify the microstructural constituents and to study the strain distribution. The microtexture evolution and the distribution of the specific texture components between the BCC and FCC phases were studied as a function of the external strain and the strain mode-static or dynamic. The strain localization and strain distribution between the structural constituents were quantified based on local misorientation maps. The full constraint Taylor model was used to predict the texture changes in the material and the results were compared to the experimental findings. Comparing the local misorientation data it was found that at low strains the ferrite accommodates approximately 10 times more deformation than the retained austenite. The strain localizes initially on the BCC-FCC phase boundaries and is then spread in the BCC constituents (ferrite and bainite) creating a deformation skeleton in the BCC phase. It was found that the observed texture changes in the measured retained austenite texture after deformation do not correspond exactly to the model prediction. The austenite texture components which were predicted by the Taylor model were not found in the measured austenite texture after deformation which means that they are first transformed to martensite, which is considered as an indication for the selective transformation of austenite under strain.