The effect of microstructure on the onset strain and rate of deformation-induced martensitic transformation (DIMT) in Q&P steel is studied by a mean-field micromechanics model, in which the residual austenite (RA) and primary martensite (M) phases are treated as elastoplastic particles embedded into the ferrite (F) matrix. The results show that when the volume fraction of the RA increases with a constant fraction of the M, the onset strain of DIMT increases and transformation rate decreases, in contrast to the case of the RA fraction effect with a fixed F fraction. Increasing the volume fraction of the M postpones the DIMT, regardless of the corresponding change from the RA or F fraction, which is similar to the effect of the RA fraction with the constant M but to a higher degree. Conversely, when increasing the fraction of the matrix F, the onset strain of DIMT increases and the rate decreases, and the effect is greater when the corresponding fraction change comes from the M rather than from the RA. Moreover, when the aspect ratio of the RA increases, the onset strain of DIMT decreases with a gradual increase in transformation rate, in agreement with the experimental observation that the equiaxial austenite is more stable in Q&P steels. However, the aspect ratio effect of the M is opposite to that of the RA, indicating that the lath-shaped primary martensite could protect the austenite from DIMT.