Bainitic microstructures in high‐strength steels are obtained either by continuous cooling or isothermal holding. Both scenarios necessitate faster cooling to keep the parent austenite phase untransformed till the bainite‐start temperature. The present study reports the development of bainitic microstructure in a low‐carbon steel with minimal alloying additions, under continuous cooling at very slow rates, similar to furnace cooling. For understanding the related transformation pathways, samples from the forged‐steel ingot are austenitized and cooled at different rates, viz. water quenching, air cooling, and furnace cooling. Microstructural characterization reveals development of acicular microstructures in all samples including the forged one, with gross absence of carbides. X‐ray diffraction confirms the ferritic nature of acicular plates and also indicated retained austenite present in some samples, the content of which could be correlated to the extent of bainitic transformation. Thermodynamic calculations together with microstructural observations (e.g., ferrite plate size) and hardness data established the development of fully martensitic microstructure on water quenching, while that of a mixed microstructure comprising predominantly of bainite in the forged, air cooled, and furnace‐cooled condition. The aforementioned findings could have wider implications in developing fully bainitic microstructures in large components, where uniform rapid cooling is not practically feasible.