With the aim to study the role of “frozen” concentration gradient of manganese (Mn) element in stability of retained austenite (RA) with multiple‐stage martensite transformation, a series of intercritical annealing (IA) temperatures is conducted before quenching and partitioning (Q&P) treatment. Morphology and distribution of RA are observed by field emission gun scanning electron microscope and electron back‐scatter diffraction. The volume fraction (7%–16%) and stability of metastable RA is found to be affected profoundly by IA temperature. Thermodynamic and kinetic analysis are conducted to elucidate the evolution of RA in process of IAQP treatment. The predicted levels of RA are in good accordance with measurements. It is found that the inhomogeneous partitioning of Mn in period of IA, combining with the incomplete partitioning of carbon during Q&P, radically regulated the Q&P microstructure. The incomplete partitioning of carbon in RA, with excess carbon segregation at dislocations and boundaries, lead to partition‐less bainite transformation owing to the average carbon content in RA lower than the “To” threshold.