The effects of warm rolling reduction ratio ranging from 20% to 55% on microstructure evolution, the tensile deformation mechanism, and the associated mechanical properties of an Fe-30Mn-4Si-2Al TRIP/TWIP steel were studied. The warm rolling process resulted in the formation and proliferation of sub-structure, comprising dislocations, deformation twins as well as shear bands, and the densities of dislocation and twins were raised along with the increase in rolling reduction. The investigated steel, with a fully recrystallized state, exhibited a single ε-TRIP effect during the room temperature tensile deformation, on top of dislocation glide. However, the formation and growth of twin lamellae and ε-martensite were detected simultaneously during tensile deformation of the warm rolled specimen with rolling reduction of 35%, leading to a good balance between high yield strength of 785 MPa, good total ductility of 44%, and high work hardening rate. As the rolling reduction increased to 55%, the specimen revealed a relatively low work hardening rate, due to the high dislocation density, and dislocation glide was the main deformation mechanism. As a result, a tensile deformation mechanism that started from a single ε-martensitic transformation moved to a bi-mode of ε-martensitic transformation accompanied with deformation twinning, and finally to dislocation glide with the increasing warm rolling reduction was proposed.