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Tempered martensite assisted steels are of recent research interest for good strength and ductility combination. This paper discusses the effect of tempered martensite volume fraction on the final properties of cold rolled and subcritically annealed Al containing TRIP steel. The samples were TRIP annealed and the retained austenite volume fraction was measured using X-ray diffraction technique. The steel samples were subsequently cold rolled to obtain strain induced martensite, deformed ferrite and bainite in the microstructure. The final tempered martensite volume fraction corresponds to the initial retained austenite volume fraction of the steel. The cold rolled TRIP steel samples were subsequently subcritically annealed at 500°C for 1 hour to obtain tempered martensite, fine ferrite and bainite. Shear Punch testing was used to evaluate the mechanical properties. The properties are analyzed and the results are discussed.