The thermodynamic properties of the Fe–Mn–C system were investigated by using an analytical model constructed by a CALPHAD approach. The stacking fault energy (SFE) of the fcc structure with respect to the hcp phase was always constant at T0, independent of the composition and temperature when other related parameters were assumed to be constant. Experimental limits for the thermal hcp formation and the mechanical (deformation-induced) hcp formation were separated by the SFE at T0. The driving force for the fcc to hcp transition, defined as a dimensionless value –dGm/(RT), was determined in the presence of Fe-rich and Mn-rich composition sets in each phase. Carbon tended to partition to the Mn-rich phase rather than to the Fe-rich phase for the compositions studied. The results obtained revealed a thermo-mechanical correlation with empirical yield strength, maximum true stress and maximum true strain. The proportionality between thermodynamics and mechanical properties is discussed.