A review of the literature data on the structural features of TRIP / TWIP steels, their relationship with mechanical properties and the relationship of strength parameters under static and cyclic loading was carried out. It is shown that the level of mechanical properties of such steels is determined by the chemical composition and processing technology (thermal and thermomechanical processing, hot and cold pressure treatment), aimed at achieving a favorable phase composition. At the atomic level, the most important factor is stacking fault energy, the level of which will be decisive in the formation of austenite twins and / or the formation of strain martensite. By selecting the chemical composition, it is possible to set the stacking fault energy corresponding to the necessary mechanical characteristics. In the case of cyclic loads, an important role is played by the strain rate and the maximum load during testing. So at high loading rates and a load approaching the yield strength under tension, the intensity of the twinning processes and the formation of martensite increases. It is shown that one of the relevant ways to further increase of the structural and functional properties of TRIP and TWIP steels is the creation of composite materials on their basis. At present, surface modification and coating, especially by ion-vacuum methods, can be considered the most promising direction for the creation of such composites.