This chapter discusses the isothermal transformation of austenite to pearlite, bainite, martensite, proeutectoid ferrite, and proeutectoid cementite. It describes the transformation mechanisms in eutectoid, hypoeutectoid, and hypereutectoid steels, the factors that influence nucleation and growth, and the characteristic features of the various microstructures. It also describes the transformation of austenite during continuous cooling.