Stress–strain behavior of a low carbon low alloy multiphase steel with ferrite, tempered bainite, and retained austenite was studied at different cryogenic temperatures. Results indicated that both strength and ductility were enhanced with decreasing tensile testing temperature. The enhancement of both strength and ductility was attributed to the decreased mechanical stability of retained austenite with decreasing temperature, resulting in sufficient transformation induced plasticity (TRIP) effect for increasing work hardening rate.