A high strength steel strip excellent in shape having a duplex structure of austenite and martensite has been prepared by a process which comprises providing a cold rolled or cold rolled and annealed strip of a martensitic structure from low carbon martensitic stainless steel containing from 10 to 17% by weight of Cr and having a carbon content of not exceeding 0.15% by weight, causing the strip to continuously pass through a continuous heat treatment furnace under tension where the strip is heated to temperatures within the range from (the As point of the steel+30.degree. C.) to the Af point of the steel and not higher than 900.degree. C. so that a part of the martensitic phase may be changed to a reversed austenitic phase, and cooling the heated strip to ambient temperature, wherein the As point of the steel is a temperature of the steel of which temperature is being raised at which the transformation of martensite to austenite begins and the Af point of the steel is a temperature of the steel of which temperature is being raised at which the transformation of martensite to austenite is finished.