Interstitial free high strength steels (IFHS) are widely used in the automobile sector due to their high strength and excellent formability. However, these properties of IFHS steels are very much dependent on the processing parameters, like hot rolling, cold rolling and annealing. The composition and processing parameters influence the chemistry and morphology of the precipitates formed in these steels, which in turn control the texture and thus the deep-drawability. This review will briefly summarize the findings of the ongoing research in this area. An attempt will also be made to elucidate the correlation of precipitation behavior and texture formation (and thus formability) in these steels.