Phase transformation induced plasticity (TRIP) effect is an effective technical solution to enhance the strength and ductility of alloys, represented by Fe50Mn30Co10Cr10 high entropy alloy (HEA). Introducing heterostructures into alloys is also an effective synergistic method for enhancing the strength and ductility of alloys. Combining element doping, heterostructures, and the TRIP effect of the alloy itself can enable the alloy to achieve both high strength and high ductility. In this work, the boron doped Fe50Mn30Co10Cr10 HEA were prepared by cold rolling with different reduction rates followed by recrystallization annealing processes. Different reduction rates result in different heterogeneous structures. The large rolling reduction weakens the advantage of heterogeneous structure for introducing large stress concentration, resulting in the low ductility of the alloy. The sample with small rolling reduction shows excellent strength and ductility, which comes from the synergistic effect of large-small grains matching and TRIP effect. In summary, the TRIP effect combined with the appropriate amount of reduction and low recrystallization temperature annealing induced heterostructure is an effective solution to overcome the strength ductility trade-off.