The present situation and progress in research on twinning induced plasticity (TWIP) steel are summarized. Based on the introduction of alloying elements for TWIP effect, the distinguishing features, such as microstructures and mechanical properties of the different compositions series of TWIP steels, i.e. Fe-Mn-Si-Al、Fe-Mn-C and Fe-Mn-C-Al are focused on. The effects of the annealing processes and deformation conditions on the microstructures as well as the mechanical properties of Fe-Mn-Si-Al system alloy are presented. The relationships between stacking fault energy and deformation mechanisms of TWIP steel are also illustrated, together with several methods for calculation or measurement of stacking fault energy.