In this paper, a self-designed and enhanced thermovoltage measuring device was built to capture thermovoltage curves of 45 steel during continuous cooling. The phase zones of the thermovoltage curve were interpreted based on the Engel–Brewer electron theory and Fe-Fe3C phase diagram. The results show that the curve was stratified into three homogeneous phase zones and two-phase transition zones as follows: Zone Ι: single-phase austenite (A) zone; Zone III: austenite and ferrite (A+F) homogeneous phase zone; Zone V: ferrite and pearlite (P+F) homogeneous phase zone; Zone II: austenite to ferrite (A-F) phase transition zone; and Zone IV: austenite to pearlite (A-P) phase transition zone. Notably, the deflection point marked the transition temperature, which indicates that the thermovoltage curve can quantitatively characterize phase formation and transformation, as well as the phase transformation process. Furthermore, the sample was quenched at the measured ferrite phase transition temperature. Microstructure observations, electron probe microanalyzer (EPMA) and microhardness measurements corroborated our findings. Specifically, our experiments reveal ferrite precipitation first from the cold end at the phase transition temperature, leading to increased carbon content in adjacent austenite. The results of this study achieved the in situ characterization of bulk transformations during the materials heat treatment process, which expands the author’s research work conducted previously.