A novel ultra-high strength TRIP (transformation induced plasticity) steel, with ~1.5GPa strength and good ductility of ~26% has been produced. The microstructure consists of ultrafine ferrite, and a large volume fraction of austenite. The flow stress was significantly increased by a reduction in the grain size, but the effect of strain rate on the flow stress was negligible. The formation of stress induced martensite was found to increase linearly with strain, and a reduction in the grain size correlated with an increase in the stress required to form the martensite.