Complex martensitic microstructure evolution in steels generates enormous curiosity among the materials scientists and especially among the Phase Field (PF) modeling enthusiasts. In the present work PF Microelasticity theory proposed by A.G. Khachaturyan coupled with plasticity is applied for modeling the Martensitic Transformation (MT) by using Finite Element Method (FEM). PF simulations in 3D are performed by considering different cases of MT occurring in a clamped system, i.e. simulation domain with fixed boundaries, of (a) pure elastic material with dilatation (b) pure elastic material without dilatation (c) elastic perfectly plastic material with dilatation having (i) isotropic as well as (ii) anisotropic elastic properties. As input data for the simulations the thermodynamic parameters corresponding to Fe - 0.3% C alloy as well as the physical parameters corresponding to steels acquired from experimental results are considered. The results indicate that elastic strain energy, dilatation and plasticity affect MT whereas anisotropy affects the microstructure.