The quenching and partitioning (Q&P) process has been proposed recently as an alternative route to obtain a unique microstructure consisting of decarburised martensite and retained austenite that results in a superior balance between strength and ductility. The stabilisation of austenite after the Q&P processing is mainly achieved through its carbon enrichment as a result of carbon partitioning from primary martensite formed during initial quenching. However, carbon partitioning is usually accompanied by complex competing reactions which are known to affect the austenite retention at room temperature. This review is a critical assessment of these competing reactions during the Q&P process and their implication on the evolution of microstructure.