This paper describes the influence of the strain rate on the microstructure of X55MnAl25-5 steel from the group of high-manganese steels exhibiting the twinning-induced plasticity effect. The tests were carried out at a wide range of strain rates, starting with static tensile tests where the appropriate strain rates were 0.005 s−1, and ending with tests using a flywheel machine at strain rates of 1830 s−1 and 4650 s−1. The increase in the applied strain rate on the example of the tested steel results in hardening. Evolutionary changes leading to the predominance of dislocation slipping over the twinning are observed in the microstructure under static deformation conditions. The increase in the intensity of twinning with the simultaneous decrease in the mobility of dislocations progresses as the strain rate increases. The microstructure evolution was characterized using light optical microscopy and scanning electron microscopy, including electron backscatter diffraction. The qualitative analysis of the deformation twins was performed. For the lowest strain rate, 5·10−4 s−1, deformation twins appear in a single twinning system, while increasing the strain rate leads to the activation of multiple twinning systems. Proceeding to the range of dynamic tests reveals an increase in the participation of the twinning mechanism in the deformation of the examined steel. With an increasing strain rate, the effect of texture on the twinning process activity decreases. Based on the obtained results, a diagram was elaborated that presents the microstructural changes which take place in X55MnAl25-5 steel after deformation under static and dynamic tensile conditions in graphical form.