Since the formation of reversed austenite during critical tempering treatment is an important factor affecting the mechanical properties of 13Cr4Ni martensitic stainless steel, a detailed study of the content and morphology of reversed austenite in heat treatment is needed. In this study, the variation curves of a reversed austenite volume fraction with holding time at different tempering temperatures were measured by in situ X-ray diffraction (XRD), and the reversed austenite and carbides of each process were evaluated by transmission electron microscopy (TEM). The austenite content shows a parabolic change with the increase in the tempering temperature; the maximum can reach a peak of about 6.8% at 610 °C, and drops to 0% at 660 °C. It also shows a parabolic change with the extension of the holding time, reaching a maximum of about 9.2% at 5 h of holding time, and a decreasing trend at 10 h of holding time, about 6.8%. The results show that the precipitation of carbides in the microstructure causes elemental segregation at grain boundaries and inside, which is one of the main factors affecting the thermal stability of reversed austenite formation. The kinetic process of reversed austenite during the tempering process was simulated using the JMAK model and the KM model, which can describe the trend of reversed austenite content during the tempering process. Combining the two models, a mathematical model for the room-temperature reversed austenite content under different processes was obtained, and this can predict the room-temperature austenite content.