The paper presents the effect of deformation temperature on the mechanical stability of retained austenite in a multiphase TRIP steel. Series of static tensile tests were carried out in the temperature range –20 to 140°C in order to simulate the temperatures occurring during stamping process of automotive steel sheets and conditions of their exploitation. Samples deformed at 20°C and 60°C showed the best combination of strength and ductility. It was related to the gradual transformation of retained austenite into martensite. Obtained results revealed that the intensity of TRIP effect is significantly related to the deformation temperature. The amount of retained austenite, which transformed into martensite during plastic deformation decreases as the deformation temperature increases. It was also found that the stability of retained austenite depends on its morphology. The obtained results showed the relationship between deformation temperature and the stability of retained austenite. The chemical composition and microstructure of multiphase steels dedicated to the automotive industry should be designed for providing the maximum TRIP effect at the specific deformation temperatures.