The present article is aimed at studying the austenite transformation kinetics and tensile properties of constructional 0.2 wt%C-Si2Mn2CrMoVNb TRIP-assisted steel subjected to isothermal holding in the subcritical temperature range (350-650 °C with the step of 50 °C) after intercritical annealing at 770 °C. The study was fulfilled using optical microscopy (OLYMPUS GX-71), electron scanning microscopy (JEOL JSM-), dilatometric analysis, tensile testing, Vickers hardness measurements. The critical temperatures of the steel were found to be Ac1=750-760 °C and Ac3=930 °C. The results showed that austenite demonstrated increased stability to pearlite and bainite transformations with an incubation period of decades of seconds at any of the mentioned temperatures. The bainitizing treatment at 400 °C with holding of 300-600 s resulted in ferrite/bainite/retained austenite structure with precipitates of nanosized carbide (V,Nb)C providing an improved combination of mechanical properties as compared to direct quenching (YS=548-555 MPa, UTS=908-1000 MPa, total elongation=16-18 %, PSE index=14.6-18.0 GPa%, YS/UTS ratio=0.55-0.60). The contributions of different strengthening components were estimated in order to reveal the benefits of a multi-phase microstructure for constructional applications.