We elucidate here the stability of reversed austenite (RA) and its effect on mechanical properties in 0.05C–5.0Mn steel. With increased annealing temperature from 903 to 943 K, the volume fraction of RA was increased from ∼19 to ∼42%, while its stability decreased linearly because of reduced C and Mn enrichment. The tensile strength increased from 845 to 970 MPa, impact toughness at 233 K decreased from 135 to 98 J. The large volume fraction of RA with poor stability can significantly improve the work-hardening ability, but little contribution to impact toughness. The discontinuous transformation-induced plasticity effect is resulted from RA with different degree of stability because of difference in grain size and morphology. This paper is part of a Thematic Issue on Medium Manganese Steels.