Phenomena occurring in duplex lightweight steels under dynamic loading are hardly investigated, although its understanding is essentially needed in applications of automotive steels. In this study, quasi-static and dynamic tensile properties of duplex lightweight steels were investigated by focusing on how TRIP and TWIP mechanisms were varied under the quasi-static and dynamic loading conditions. As the annealing temperature increased, the grain size and volume fraction of austenite increased, thereby gradually decreasing austenite stability. The strain-hardening rate curves displayed a multiple-stage strain-hardening behavior, which was closely related with deformation mechanisms. Under the dynamic loading, the temperature rise due to adiabatic heating raised the austenite stability, which resulted in the reduction in the TRIP amount. Though the 950 °C-annealed specimen having the lowest austenite stability showed the very low ductility and strength under the quasi-static loading, it exhibited the tensile elongation up to 54% as well as high strain-hardening rate and tensile strength (1038 MPa) due to appropriate austenite stability under dynamic loading. Since dynamic properties of the present duplex lightweight steels show the excellent strength-ductility combination as well as continuously high strain hardening, they can be sufficiently applied to automotive steel sheets demanded for stronger vehicle bodies and safety enhancement.