The present paper is aimed at the study of the kinetics of Mn, Si, Cr partitioning in 0.2wt%C-Si2Mn2CrMoVNb TRIP-assisted steel under the annealing at 770 oC and 830 oC to be within the intercritical temperature range. The work was fulfilled using SEM, EDX, dilatometry, and hardness measurements. It was found that under heating a redistribution of the alloying elements between ferrite and austenite took place. Specifically, silicon partitioned to ferrite while chromium diffused to austenite with distribution coefficient values of 1.12-1.21 (KSi) and 0.75-0.86 (KCr). Manganese was found to partition to a much greater extent resulting in a distribution coefficient of KMn=0.38-0.50 and 2.6 times higher concentration in austenite as compared to ferrite. As annealing temperature raised from 770 oC to 830 oC the elemental partitioning was accelerated, followed by the decrease in manganese content in austenite (by 1.44 time) and ferrite (by 1.34 time) caused by an increase in austenite volume fraction. Silicon featured uneven distribution within ferrite to be accumulated at the “martensite/ferrite” interface and near ferrite grain boundaries, while manganese was concentrated in MC carbides. The recommendation for annealing holding was formulated based on elemental partitioning kinetics.