The tensile behavior, serrated flow, and dynamic strain aging of Fe-(20 to 24)Mn-(0.4 to 0.6)C twinning-induced plasticity (TWIP) steel have been investigated. A mathematical approach to analyze the DSA and PLC band parameters has been developed. For Fe-(20 to 24)Mn-(0.4 to 0.6)C TWIP steel with a theoretical ordering index (TOI) between 0.1 and 0.3, DSA can occur at the very beginning of plastic deformation and provide serrations during work hardening, while for TOI less than 0.1 the occurrence of DSA is delayed and twinning-dominant work hardening remains relatively smooth. The critical strain for the onset of DSA and PLC bands in Fe-Mn-C TWIP steels decreases as C content increases, while the numbers of serrations and bands increase. As Mn content increases, the critical strain for DSA and PLC band varies irregularly, but the numbers of serrations and bands increase. For Fe-(20 to 24)Mn-(0.4 to 0.6)C TWIP steel with grain size of about 10 to 20 μm, the twinning-induced work hardening rate is about 2.5 to 3.0 GPa, while the DSA-dominant hardening rate is about 2.0 GPa on average. With increasing engineering strain from 0.01 to 0.55 at an applied strain rate of 0.001s−1, the cycle time for PLC bands in Fe-Mn-C TWIP steel increases from 6.5 to 162 seconds, while the band velocity decreases from 4.5 to 0.5 mm s−1, and the band strain increases from 0.005 to 0.08. Increasing applied strain rate leads to a linear increase of band velocity despite composition differences. In addition, the influence of the Mn and C content on the tensile properties of Fe-Mn-C TWIP steel has been also studied. As C content increases, the yield strength and tensile strength of Fe-Mn-C TWIP steel increase, but the total elongation variation against C content is dependent on Mn content. As Mn content increases, the yield strength and tensile strength decrease, while the total elongation increases, despite C content. Taking both tensile properties and serrated flow behavior into consideration, Fe-22Mn-0.4C TWIP steel shows excellent mechanical performance with a high product of tensile strength and total elongation and a slightly serrated stress–strain response. To suppress the negative effect of DSA in Fe-Mn-C TWIP steels on the stability of tensile behavior, a TOI lower than 0.1 is strongly suggested.