This article discusses the stable and metastable three-phase fields in the binary Fe-C phase diagram. It schematically illustrates that austenite decomposition requires accounting for nucleation and growth of ferrite and then nucleation and growth of pearlite in the remaining untransformed volume. The article describes the austenite decomposition to ferrite and pearlite in spheroidal graphite irons and lamellar graphite irons. It provides a discussion on modeling austenite decomposition to ferrite and pearlite.