The work presents results of phase transformation kinetics of hot-rolled 5% Mn steel subjected to different heat treatments. Three different schedules were introduced: isothermal holding in a bainite region, coiling simulation and intercritical annealing. The evolution of microstructure components was investigated using dilatometric and metallographic analyses. According to obtained results, the medium-Mn steel exhibits high resistance for γ/α transformation during the bainite transformation and coiling simulation (upon cooling from the austenite region). During 5 h isothermal holding, no bainite and/or ferrite formation was detected. This results in the formation of martensite upon cooling to room temperature. Differently, when the steel was subjected to the intercritical annealing at 720 and 700 °C (upon heating from room temperature), a final microstructure consisted of ferrite, martensite and retained austenite. At 700 °C, no fresh martensite formation was detected upon cooling to room temperature. This means that the austenite was enriched in carbon during the intercritical annealing step enough to keep its thermal stability.