The main goal this work is to evaluate the occurrence of the constituents and microphases observed in as-received API X80 pipe through the microstructures transformed from rich-carbon remaining austenite obtained via heat treatments. These heat treatments comprised austenitization at 1000 °C for 30 minutes, followed by annealing at 700 °C, 623 °C, 542 °C and 462 °C for 15, 60 and 300 minutes and then cooling in water or still air. The effects of the increase in annealing parameters were: 1) the increase of microhardness values of the MA constituents and martensite islands, 2) the grain size of both ferritic phase and the martensite islands were increased, 3) the rise in the mean free path of ferrite and 4) the microstrains of samples were decreased. The cooling rates influenced significantly the transformation of carbon-rich remaining austenite to hard constituents and several microphases. After annealing at 700 °C during 60 min followed by quenching, the morphology of the MA constituents and its microhardness values were compatible for both heat-treated and as-received conditions.