Medium Mn steels belong to a new generation of advanced high-strength steels whose superior mechanical properties are explained by their ultrafine-grained ferrite/austenite/martensite microstructures and a possible transformation induced plasticity (TRIP) related to the stability of retained austenite. The mechanical behaviour of a set of model medium Mn steels is investigated during tensile testing using a combination of high-energy X-ray diffraction (HEXRD) and digital image correlation (DIC) measurements. HEXRD allows for the time-resolved determination of transformation kinetics and in situ stress partitioning among the different constituting phases. DIC provides precise spatiotemporal information on the strain evolution along the gauge length, particularly at the position of the diffracting volume. These experiments served to calibrate an innovative mean field micromechanical model which accounts for the local behaviour of each phase, as well as the strain-induced martensitic transformation (SIMT) of retained austenite. The work-hardening of both austenite and ferrite is modeled using a dislocation-based size-sensitive approach which includes kinematic hardening contributions. The behaviours of fresh and strain-induced martensite are predicted using a genuine model derived from the continuous composite approach. The model for SIMT is based on a thermodynamic assessment of the stability of retained austenite. The overall model is thus sensitive to the size of the microstructure components, their local chemistry, and their respective stability.