The precipitation state, microstructure, retained austenite stability, and mechanical properties of cold-rolled Ti-microalloyed CMnAlSiP TRIP steel were investigated. The precipitation state was analyzed in each processing step by means of transmission electron microscopy, chemical analysis using the anodic dissolution method, and by model calculations. Ti additions refined the microstructure mainly by the pinning of austenite and ferrite grain boundaries by various Ti-containing precipitates. Ti additions also resulted in a refinement of the size of the retained austenite islands and caused a slight decrease of the volume fraction and carbon content of the retained austenite. The morphology of the retained austenite was also changed and the stability of the retained austenite decreased, but Ti addition still resulted in an adequate strength-ductility balance and a tensile strength close to 1 GPa.