Intermediate annealing treatment (IAT) is a new process that accelerates the bainitic transformation in steels. This stimulation is crucial, especially in the prolonged production of nanobainitic steels. Among other recognised methods, it seems to be an effective and economical process. However, there are very few research works in this area. The objective of this study was to collate microstructural changes caused by IAT with differences in the kinetics of the subsequent bainitic transformation in the X37CrMoV5-1 tool steel. Differential dilatometry, LM and SEM microscopic observations, EDS and XRD analysis, and computer simulations were used to investigate the effect of IAT on the kinetics of bainitic transformation. The study has revealed that introducing an additional isothermal heating stage immediately after austenitising significantly affects the kinetics of bainitic transformation—it can accelerate or suppress it. The type and strength of the effect depends on the concentration, distribution, and morphology of the precipitations that occurred during IAT.
