In this study, results are presented of an extensive experimental program to investigate the strain rate dependent mechanical properties of various Transformation Induced Plasticity (TRIP) steel grades. A split Hopkinson tensile bar setup was used for the high strain rate experiments and microstructural observation techniques such as LOM, SEM and EBSD revealed the mechanisms governing the observed behavior. With elevated testing temperatures and interrupted tensile experiments the material behavior and the austenite to martensite transformation is investigated. In dynamic conditions, the strain rate has limited influence on the material properties. Yet an important increase is noticed when comparing static to dynamic conditions. The differences in strength, elongation and energy absorption levels observed between the investigated materials can be attributed to their chemical composition. Adiabatic heating during high strain rate deformation tends to slow down the strain induced martensitic deformation. The elongation of the ferritic and austenite constituents is found to be strain rate dependent and the strain induced martensitic transformation occurs gradually in the material.