This study has been conducted to investigate the effects of initial structure on the microstructure and tensile properties of high strength trip steel sheet. The initial structure before austempering remarkably influenced the second phase. The specimen with normalized initial structure showed mainly bainitic ferrite and retained austenite, while the as rolled specimen and spherodized specimen showed martensite plus retained austenite and martensite plus bainitic ferrite with small retained austenite, respectively. Two type of retained austenite, film type and granual type were observed in all specimens. The as rolled specimen appeared the highest contents of retained austenite owing to the compressive stress by cold rolling. The contents of retained austenite increased with increasing intercritical annealing temperature and austempering time. Tensile strength showed the highest in the as rolled specimen, while the highest elongation were obtained in the normalized specimen. The maximum T.S.${ imes}$El. Value showed in normalized initial structure and increased with increasing intercritical annealing and austempering time. The highest Value of T.S.${ imes}$El. obtained at austempering temperature of $400^{circ}C$ and retained austenite of 12%.