Microstructural characteristics are analyzed by nanoindentation on the multi-phase TRIP steel and the fine ferrite steel made by strain-induced dynamic transformation. A nanoindentation-EBSD (Electron BackScatter Diffraction) correlation technique was suggested to perform accurate indentations inside of each phase or grain. From the multi-phase TRIP steel, the clue of transformation induced plasticity and strain induced martensitic transformation were measured by analyzing the load-displacement curve of nanoindentation on the retained austenite phase. The hardness of each phase could also be obtained. In case of the fine ferrite steel in which the dynamic and static ferrite are mixed, both EBSD and dilatometry mesurements were applied to distinguish two kinds of ferrite and measure the volume fraction. The crystal orientation distribution was also measured. The difference of the nano-hardness of two ferrites were obtained and this could be explained with the difference of the dislocation density from TEM observation.