Studies on Multi-pass Friction Stir Processing (FSP) of Fe49.5Mn30Co10Cr10C0.5, a metastable dual-phase High Entropy Alloy (HEA), were carried out with the aim to systematically investigate the microstructural changes occurring during different passes, and to evaluate the mechanical response of this alloy with progressive passes. A reduction in grain size and a change in HCP volume fraction was observed after each pass. Dynamic recrystallization, occurring during FSP, led to grain refinement, and the transformation induced plasticity (TRIP) effect resulted in observed changes in HCP phase fraction. One-pass FSPed material exhibits a higher work hardening rate and a higher ultimate tensile strength (UTS.) value, as compared to both, an annealed and two-pass FSPed material. This is due to a combination of two factors, a small grain size and a large fraction of metastable Face Centred Cubic (FCC) phase, in the microstructure of the one-pass material.