The phase composition of nanobainitic steel 0.56–0.60%C, 1.68–1.95%Mn, 1.58–1.80%Si, 1.30–1.47%Cr, 0.57–0.75%Mo is described in this paper. The phase composition is controlled in order to obtain diversified mechanical properties for specific applications, such as armor plates. The effect of temperature and time of isothermal heat treatment on both the microstructure and the mechanical properties of the steel were determined. Dilatometric studies, as well as measurements of volume fraction and size distribution of retained austenite were carried out. Analysis of the kinetics of isothermal transformation in the temperature range of 200–225 °C for times of up to 144 h were also carried out, and the parameters of the production process of the steel were determined. A microstructure consisting of nanolathy carbideless bainite and blocky and lathy retained austenite, providing tensile strength of at least 2000 MPa, yield strength of at least 1300 MPa, and total elongation of at least 10% has been found.