Thermal cycling treatment (TCT), including martensitic transforTrmtion, is an effective method for improving alloy properties. The set of properties for phase-hardened alloys is mainly governed by their structure which in turn dependsStructural changes in iron-nickel alloys after y -+ c~ --, "),-transformation have been studied in detail [1, 2]. There are less data for the effect of repeated TCT in the martensitic transformation range on the structure of steels and alloys and mainly their mechanical properties have been studied [3][4][5].Alloys 50N25 (0.48% C; 25.4 % No) and N30 (0.05% C, 29.7% Ni) have been studied which have an austenitic structure at room temperature. The alloys were melted in a HFC furnace in a protective atmosphere of argon. The charges are used were carbonyl iron, nickel N-I, and spectrally pure graphite. Direct martensitic 3' ~ o~-transformation was accomplished by immersing specimens in liquid nitrogen for -1.5 min. Reverse o~ --, B-transformation was accomplished by soaking for -1.5 rain in a salt bath of the composition 50% NaNO 3 + 50% NaNO 2 at a temperature exceeding A r for the given alloy by 5-10°C. The thermal cycling temperature range was determined magnetometrically. Metallographic analysis of specimen structure was performed in an EPIQUANT light microscope. The structure of mechanically polished specimens was revealed by short-term (1-2 sec) chemical etching in freshly-prepared reagent containing equal parts of hydrogen peroxide and concentrated nitric acid.The microstructure of steel 50N25 in the original condition (n = 0) and after TCT is shown in Fig. 1. It can be seen that the structure of this steel in the original condition is coarse equiaxed grains of austenite with clearly defined boundaries (Fig. la). According to data in [6] the dark areas close to grain boundaries and within crystals are graphite globules.Formation of a typical coarse lamellar structure of reversed austenite after heating to A t-at a rate of 60°C/sec points to the preferred martensitic nature of reverse c~ --, 7-transformation (Fig. lb). Here the grain boundaries and graphite particle distribution differ little from the original.After five cycles of phase transitions the structure of reversed austenite is much refined. In individual boundary areas there is formation of fine grains and the boundaries thicken. A further increase in the number of 3' "-" c~-transformations causes an increase in the number of fine formations both within grains and along their boundaries. The size of the formations is about two order of magnitude less than in the original grains. Boundary continuity is disrupted (Fig. lc) and in a number of cases the boundaries are a network of partly merged fine particles.Repeated thermal cycling (n = 200) leads to formation of specific fiber structure without boundary resolution. Fibers form along the alloy flow direction which proceeds with much shape change for thermally cycled specimens (Fig. ld). There is an increase in the density and fineness of graphite globules in a microsection....