The continuous cooling transformation diagram of a low carbon bainitic–martensitic steel was constructed using dilatometry and metallographic methods. It was found that as cooling rate increases, the structure changes from granular bainite to lath martensite. Three regions of different kinetic behavior were discerned for the bainitic–martensitic steel. One of the regions conformed to martensite formation and the other two comprised transformation to bainite. A non-isothermal type of Johnson–Mehl–Avrami–Kolmogorov kinetic equation of reaction rate was used to analyze the transformation behavior during continuous cooling of bainite formation. The Avrami exponent and activation energy values for different regions at cooling rates of 0.1 and 0.4 K s−1 varied from 1.5 to 4.7 and 71 to 84 kJ mol–1 respectively. Models obtained from such kinetic coefficients closely corresponded to experimental results.