A multiphase high-strength steel austempered at 260 °C for 24 h was investigated by quasi-in-situ tensile characterization and EBSD-based crystal plasticity finite element modeling. The experimental observations reveal that local plastic deformation is strongly heterogeneous: von Mises strain concentrates preferentially near bainitic-ferrite packets, phase boundaries, and retained-austenite/martensite–austenite regions, whereas blocky retained austenite contributes to strain accommodation at the early deformation stage. To quantify the underlying stress–strain partitioning, a quasi-two-dimensional representative volume element was reconstructed from EBSD data and implemented in ABAQUS through a user-defined material subroutine. The model contained the real grain morphology, phase distribution, and crystal orientation information of the 24 h austempered specimen. A rate-dependent crystal plasticity constitutive framework with BCC matrix, FCC retained austenite, and transformed martensite branches was calibrated against the macroscopic tensile curve. The simulated tensile response agrees well with the experimental curve before macroscopic instability, and the predicted local fields are consistent with the quasi-in-situ strain maps. The results show that local plastic strain first accumulates in M/A-related regions and phase-boundary-neighboring zones, while high Mises stress migrates dynamically with slip activity and stress-induced martensitic transformation. Retained-austenite transformation increases the local load-bearing capacity, modifies interphase load transfer, and delays the direct linkage of strain-localization bands. The present work clarifies the coupling among retained-austenite stability, TRIP-assisted load redistribution, and microstructural strain partitioning in multiphase high-strength steel, providing a mesoscale basis for microstructure-guided strength–ductility optimization.