High Mn steels, alloyed with Si and Al, present large plasticity when deformed due to the TRIP/TWIP effect. The present work studies the microstructural evolution and its influence on the mechanical behavior of a steel containing 17%Mn and 0.06%C after cold rolling to 45 and 90% reduction and subsequent annealing at 700 °C for different times. The microstructural analysis is performed by X‐ray diffraction (XRD), scanning electron microscopy (SEM)‐electron backscatter diffraction (EBSD), and transmission electron microscopy (TEM). It is observed that cold reduction induces the formation of ϵ‐ and α′‐martensite. The material exhibits yield and tensile strength around 700 and 950 MPa, respectively, with a total elongation around 43% and a work hardening exponent of around 0.30 after 45% cold rolling and subsequent annealing and a yield and tensile strength of 750 and 950 MPa, respectively, with a total elongation of almost 50% when 90% cold rolling and subsequent annealing. The austenite texture contains brass, copper, and Goss components, while the α′‐ and ϵ‐martensite textures mainly consist of rotated cube and prismatic and pyramidal fibers, respectively.