Mechanical parts on ships and automobiles are diverse in shape, size, and working conditions. They operate with static, cyclic, and shock loads in various environments at low and high temperatures. Therefore, materials need to be highly durable to ensure the reliability of parts and structures on ships and automobiles. Currently, materials used in the shipbuilding and automotive industry are diverse, and steel is commonly used. Therefore, the shipbuilding and automotive industry requires increasingly higher steel mechanical properties. Among the advanced high-strength steel families, low Mn steels with phase change, thanks to the plastic deformation process, are steel lines with high durability, flexibility, and good fatigue resistance. Therefore, low Mn steel is suitable for manufacturing load-bearing parts that undergo deformation to create the required shape. This work presents general studies on the effects of some elements, such as Mn, Si, and C, on the microstructure and mechanical properties of TRIP steel. This article also presents the mechanism of the phase transformation process of TRIP steel when heated and cooled under some conditions, the thermodynamic basis of the formation of TRIP-type bainitic ferrite steel structure, and the influence of C, Mn, and Si on the formation kinetics of TBF steel structure. Through these review studies, the article synthesizes and identifies a number of phase transformation mechanisms for steel; the influence of certain alloying elements on the microstructure and mechanical properties of steel has been determined.