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.

The transformation of austenite of cast irons represents a more complex and less studied subject. This article discusses the general features of the decomposition of austenite into bainite. It describes the heat treatment cycles of austempered cast iron microstructure. The article reviews several factors, such as presence of graphite and austenite grain size, which affect the transformation rate of austenite during austempering of free-graphite cast irons.