A new type of transformation induced plasticity (TRIP) steel with not only high strength and high ductility but also superior welding and galvanizing properties was designed and developed recently. Low carbon and low silicon content were preliminarily selected with the aim of meeting the requirements of superior quality in both welding and galvanizing. Phosphorus was chosen as one of the alloying elements, because it could reduce carbon acttvity in cementite and increase the stability of austenite. In addition, the possibility of phosphorus segregating at grain boundary was also discussed by thermodynamics as well as kinetics. Phase diagram was estimated at high temperature and the composition of the steel was then selected in the hyperperitectic range to avoid problems, whichmight occur in sheet steel continuous casting. Phase diagram in the inter-critical temperature was estimated for the steel to obtain the starting temperature of fast cooling. For understanding the minimum rate of fast cooling, pearlite growth kinetics was calculated with self-developed diffusion coefficients of elements in grain boundary. Overaging temperature was determined through the calculation of T0 temperature by both equilibrium and para-equilibrium assumptions,which was different from the current determination, which is only based on an equilibrium estimation.