Ultra-fine carbide-free bainitic (UCFB) steel, also known as nano-bainite (NB) steel, is composed of bainitic ferrite laths with nanoscale thickness and carbon-rich film-like retained austenite located between laths. The bainite transformation kinetic model can accurately describe the bainite transformation kinetics in conventional austempering (CA) processes based on the shear mechanism combined with the dilatometer test. UCFB steels with medium and high carbon composition are designed in this work to systematically study the transformation kinetics of bainite, and the evolution of its microstructure and properties, and reveal the influence of heat treatment processes on the microstructure and properties the UCFB steels. The results show that the activation energy for BF nucleation decreases during the CA process and isothermal transformation temperature decreases. The bainite transformation is first nucleated at the grain boundaries, and then nucleated at the newly formed bainitic ferrite/austenite interface.