This work looks at all the studies on microstructural evolution and dynamic transformation of austenite to bainitic ferrite using high-energy synchrotron X-ray diffraction in combination with in-situ dilatometry and microscopic observations. The specimens have been austempered between 200 and 350 °C after austenitizing at a range of temperatures using a dilatometer. The carbon distribution in austenite is homogeneous prior to isothermal transformation, which becomes non-uniform as the bainite laths form. The diffraction peaks associated with parent austenite have been analyzed during the early stages of transformation for both samples. X-ray profile analysis has been used to calculate volume fractions of evolving phase, the lattice parameters, crystallite size, and dislocation density for various stages of transformation and is interpreted in terms of carbon partitioning occurring due to transformation. A few research gaps have been found and experiments to close the gaps have been identified.