Relative high carbon steel bearing Cr and Mo with microstructure consisting of nanoscaled bainitic laths and certain amount of retained austenite was produced through the combination of rolling and isothermal/multi-step heat treatment at low temperatures. The effect of the heat treatment temperature, time and path on the volume fraction of retained austenite and the width of bainitic lath was investigated. Nanoindentation was applied to inspect the separate hardness of the tiny bainite and retained austenite for different heat treatment parameters. The results showed that bainitic lath treatedt at 250°C was much thinner than that at 300°C and the volume fraction of retained austenite changed with different heat treatment temperatures, time and paths. The nanohardness of the baintic lath and retained austenite also changed with the processing of both carbon partitioning and displacive transformation for different heat treatment paths.