This study investigated the stress–strain behavior and microstructural changes of Fe-Mn-Si-C twin-induced plasticity (TWIP) steel cylindrical components at different depths of deep drawing and after deep drawing deformation at various positions. The finite element simulation yielded a limiting drawing coefficient of 0.451. Microstructure and texture were observed using a scanning electron microscope (SEM) and electron backscatter diffraction (EBSD). The research revealed that the extent of grain deformation and structural defects gradually increased with increasing drawing depth. According to the orientation distribution function (ODF) plot, at the flange fillet, the predominant texture was Copper (Cu){112}<111> orientation; at the cylinder wall, the main textures were Copper Twin (CuT) and Goss (G) orientations; at the rounded bottom corner of the cylinder, the primary texture was τ-fiber (<110>//TD), with its strength increasing with deeper drawing.