In-situ high-energy X-ray diffraction and material modeling are used to investigate the strainrate dependence of the strain-induced martensitic transformation and the stress partitioning between austenite and a¢ martensite in a metastable austenitic stainless steel during tensile loading. Moderate changes of the strain rate alter the strain-induced martensitic transformation, with a significantly lower a¢ martensite fraction observed at fracture for a strain rate of 10 À2 s À1 , as compared to 10 À3 s À1 . This strain-rate sensitivity is attributed to the adiabatic heating of the samples and is found to be well predicted by the combination of an extended Olson-Cohen strain-induced martensite model and finite-element simulations for the evolving temperature distribution in the samples. In addition, the strain-rate sensitivity affects the deformation behavior of the steel. The a¢ martensite transformation at high strains provides local strengthening and extends the time to neck formation. This reinforcement is witnessed by a load transfer from austenite to a¢ martensite during loading.