We elucidate the influence of intercritical rolling temperature on the microstructural evolution, mechanical properties and work-hardening behavior of a hot-rolled Fe-0.2C-6.5Mn-3Al-0.1V medium Mn transformation-induced-plasticity (TRIP) steel containing δ-ferrite. Tensile strength of 966 MPa, total elongation of 42.6% and yield strength of 705 MPa was obtained in the annealed steel subjected to a low intercritical rolling temperature. Rolling at a high intercritical rolling temperature promoted the partitioning of Mn from δ ferrite to prior austenite grains, and led to a martensitic matrix characterized by a fine lath structure. Subsequently, after intercritical annealing, the reversed austenite transformed from the martensitic matrix had high stability and small size. However, the reversed austenite with a high degree of Mn enrichment, fine lath structure and high stability provided a slow and less active TRIP effect. This was responsible for low work-hardening rate during deformation. In contrast, the high content of reversed austenite in the annealed steel subjected to low intercritical rolling temperature had relatively low stability and large lath width, exhibited serrated work-hardening behavior indicative of discontinuous TRIP effect. Additionally, the low intercritical rolling temperature led to a high density of dislocations in δ-ferrite, which effectively promoted VC precipitation after intercritical annealing, and enhanced yield strength. Furthermore, the formation of high angle boundary in δ-ferrite and the formation of pro-eutectoid ferrite at low intercritical rolling temperature also enhanced yield strength through grain boundary strengthening.