This chapter examines the isothermal phase transformations of the iron-carbide system. The discussion includes the formation of ferritic, eutectoid, hypoeutectoid, hypereutectoid, bainitic, and martensitic microstructures as well as their properties, composition, and metallurgy. The use of time-temperature-transformation (TTT) diagrams in understanding the phase transformations and the changes in the isothermal transformation curves due to the addition of carbon and other alloying elements are also discussed.