This paper deals with Barkhausen noise in Trip steel RAK 40/70+Z1000MBO subjected to uniaxial plastic straining under variable strain rates. Barkhausen noise is investigated especially with respect to microstructure alterations expressed in terms of phase composition and dislocation density. The effects of sample heating and the corresponding Taylor–Quinney coefficient are considered as well. Barkhausen noise of the tensile test is measured in situ as well as after unloading of the samples. In this way, the contribution of external and residual stresses on Barkhausen noise can be distinguished in the direction of tensile loading, as well as in the transversal direction. It was found that the in situ-measured Barkhausen noise grows in both directions as a result of tensile stresses and the realignment of domain walls. The post situ-measured Barkhausen noise drops down in the direction of tensile load due to the high opposition of dislocation density at the expense of the growing transversal direction due to the prevailing effect of the realignment of domain walls. The temperature of the sample remarkably grows along with the increasing strain rate which corresponds with the increasing Taylor–Quinney coefficient. However, this effect plays only a minor role, and the density of the lattice imperfection expressed especially in terms of dislocation density prevails.