The intercritical annealing and isothermal bainitic processing response was studied for three Nb and V microalloyed Transformation-Induced Plasticity (TRIP)-assisted 980 MPa grade steels. Their mechanical and microstructural properties were compared to industrially produced TRIP 800 steel. Depending on the isothermal holding temperature and microalloying, the experimental steels reached properties comparable to the reference steel. The retained austenite content did not show direct correlation to elongation properties. Niobium was found to be more effective microalloying element than vanadium in increasing the elongation properties, which were investigated by measuring true fracture strain from tensile test specimens.