The multicomponent alloys, also known as High Entropy Alloys (HEAs), have been the subject of intense exploration for over a decade now for a wide range of potential applications. To investigate microstructure – mechanical property correlation in a newly developed transformation-induced plasticity dual-phase high entropy alloy (DP-HEA) Fe50Mn30Co10Cr10, microstructural analysis, mechanical testing, and fractography were performed on the DP-HEA. The microstructural state of the alloy was analyzed by optical microscope, scanning electron microscope (SEM), energy dispersive spectroscopy, and electron backscatter diffraction (EBSD). The plastic deformation behavior of the alloy was assessed using uniaxial tensile testing and micro indentation hardness tests. The digital image correlation (DIC) was used during the tensile test to evaluate the Young’s modulus and localized strain values at different points in the gage section of the tensile specimens as a function of time. An insight in to the micromechanism of plastic deformation was gleaned from stress relaxation test (SRT). A variation in the hardness values was observed probably due to the presence of two different phases (one with face-centered cubic and the other with hexagonal closed pack crystal structures) in the microstructure. The yield strength, ultimate tensile strength, and % elongation were estimated from the tensile test results. The fractography of the fractured surface of the tensile specimens revealed ductile fracture of the alloy. The strain values, in the gage section, were found to differ from each other at different points during the tensile test due to differences in the deformation of crystals with different crystallographic orientations, phases, or both. An in-depth discussion of deformation mechanism(s) is presented based on the analysis of DIC and SRT data.