The paper investigated the bainitic steel of 10KHN3MFA grade, which is characterized by the increased tendency to display structural heredity in the forgings with large cross-sections. The samples have been studied for kinetics of diffusional transformation process both under continuous cooling and isothermal conditions, as well as its microstructure. It is determined that in the range of subcritical temperatures with cooling from 900 °C in the studied steel, the initial stage of separation of the ferrite phase takes place. It is shown for the first time that the diffusional ferrite-pearlite transformation fades. Previously it was believed that the beginning of transformation under isothermal conditions proceeds to the end. It was found out that the transformation begins immediately after the beginning of isothermal holding, without the generally accepted incubation period.