Twinning-induced plasticity (TWIP) steels have higher strength and ductility than conventional steels. Deformation mechanisms producing twins that prevent gliding and stacking of dislocations cause a higher ductility than that of steel grades with the same strength. TWIP steels are considered to be within the new generation of advanced high-strength steels (AHSS). However, some aspects, such as the corrosion resistance and performance in service of TWIP steel materials, need more research. Application of TWIP steels in the automotive industry requires a proper investigation of corrosion behavior and corrosion mechanisms, which would indicate the optimum degree of protection and the possible decrease in costs. In general, Fe−Mn-based TWIP steel alloys can passivate in oxidizing acid, neutral, and basic solutions, however they cannot passivate in reducing acid or active chloride solutions. TWIP steels have become as a potential material of interest for automotive applications due to their effectiveness, impact resistance, and negligible harm to the environment. The mechanical and corrosion performance of TWIP steels is subjected to the manufacturing and processing steps, like forging and casting, elemental composition, and thermo-mechanical treatment. Corrosion of TWIP steels caused by both intrinsic and extrinsic factors has posed a serious problem for their use. Passivity breakdown caused by pitting, and galvanic corrosion due to phase segregation are widely described and their critical mechanisms examined. Numerous studies have been performed to study corrosion behavior and passivation of TWIP steel. Despite the large number of articles on corrosion, few comprehensive reports have been published on this topic. The current trend for development of corrosion resistance TWIP steel is thoroughly studied and represented, showing the key mechanisms and factors influencing corrosion processes, and its consequences on TWIP steel. In addition, suggestions for future works and gaps in the literature are considered.