An evaluation method for bainite transformation kinetics was established by theoretical derivation, dilatometric curve analysis, and microstructure observation. The isothermal transformation of ultra-fine bainite under different austenitizing temperatures and contents of prior martensite was studied using a DIL805L dilatometer. The kinetic parameters (activation energy Q*, autocatalytic factor λ, temperature rate constant κ, unit volume transformation rate, and the number density of nucleation sites Ni) of ultra-fine bainite transformation under different austenitizing temperatures and contents of prior martensite were calculated based on the displacement growth bainite dynamics model. It was found that the autocatalytic factor λ is linear with the austenite grain size d, and the number density of nucleation sites Ni is closely related to the average volume of the bainite subunit Vb. Moreover, the formation of prior martensite and its increase can increase the number of nucleation sites and the nucleation rate of the ultra-fine bainite; thus, the ultra-fine bainite transformation can be accelerated.