In this research, the effects of Mn and Si concentration and that of the isothermal intercritical holding temperature on the austenite-to-ferrite (γ → α) and the martensite-to-austenite (α′ → γ) phase transformations are studied for a series of Fe-C-Mn-Si steels with up to 7 wt pct Mn. The model is based on the local equilibrium (LE) concept. The model predictions are compared to experimental observations. It is found that the austenite volume fraction at the end of intercritical annealing depends significantly on the initial microstructure. For Mn concentrations between 3 and 7 wt pct, the LE model is qualitatively correct. However, at higher Mn levels the discrepancy between the predicted austenite fractions and the experimental values increases, in particular for the α′ → γ transformation. Intragrain nucleation is held responsible for the higher austenite fractions observed experimentally. Silicon is found have a much smaller effect on the kinetics of the intercritical annealing than Mn.