In current work, the effect of different aging treatments on microstructure and tensile behavior of a novel designed maraging‐TRIP steel containing 12 wt% Mn is studied. Three distinct phases including thermally ϵ‐martensite, α′‐martensite, and reversed austenite are developed through aging. Thermally HCP‐ϵ lath martensite is nucleated at prior austenite grain and developed inside the grains during aging. However, increasing the aging temperatures led to disappearing the prior austenite grain boundaries due to reverse austenite transformation. A significant increasing in tensile strength and ductility is found in samples aged at 450 and 550 °C. Finally, the grain orientations studies show a good agreement with Kurdyumov–Sachs (K–S) orientation relationship between distinct phases developed in aged sample at 450 °C.