This study presents a novel approach to fabricating advanced transformation-induced plasticity (TRIP) high-entropy alloys (HEAs) that exhibit an exceptional combination of high strength and uniform ductility, far surpassing the mechanical performance of previously developed TRIP HEAs and non-TRIP multiphase HEAs. The ultrafine-grained Al5Cr20Fe35Co35Ni5 TRIP HEA sample exhibits a yield strength of gigapascal-level, ranging from 1100 to 1260 MPa, with large uniform elongations that range from 29 % to 39 %. Simultaneously, the alloy displays outstanding toughness, reaching 46,000±5390 MPa·%. The achievement of this significant breakthrough rests upon two key factors: (1) achieving an ultrafine-grained FCC matrix in a fully recrystallized microstructure with the aid of thermally induced B2 phase, and (2) dynamic precipitation of nanometer-sized B2 phase particles on high-density stacking faults and slip bands created within the interiors of ultrafine grains. The dynamic precipitation of the B2 phase, facilitated by the formation of an amorphous phase that serves as a precursor to the B2 crystalline phase, is a rare occurrence in HEAs at room temperature. This dynamic precipitation process greatly enhances TRIP-assisted strain hardening (from FCC to HCP phase) of the current alloy at ultrafine grains, enabling the overcoming of the inherent tensile ductility constraints typically associated with ultrafine-grained metals. The current development of TRIP HEAs with an outstanding combination of high strength and high toughness is believed to mark a remarkable milestone in the application field of TRIP HEAs.