The effects of retained austenite and carbon content in the retained austenite on the tensile strength-elongation balance and spot weldability of TRIP high strength steel sheet have been investigated. The retained austenite of granular type increased with increasing intercritical annealing and austempering temperature, and film type was increased with the increase of austempering time. The volume fraction of retained austenite increased with decreasing intereritical annealing temperature, and the maximum value was obtained at austempering temperature of $400^{circ}C$. The values of tensile strength-elongation balance increased with decreasing intercritical annealing temperature and maximum value was obtained at austempering temperature of $400^{circ}C$. The maximum value of tensile strength-elongation balance was obtained at a retained austenite content of about 12%. Tensile shear strength of the specimens with retained austenite was higher than that of the normalizing specimens. With increasing welding current and time, the tensile shear strengh and nugget diameter increased, while nugget thickness showed the peak value and then decreased. The optimum range of welding condition at the given welding pressure of 350kgf was 7~11kA and 10~15 cycles.