Recent studies have shown the possibility to induce time-dependent phase transformations during isothermal treatment between the martensite start (M_S) temperature and martensite finish (M_f,) temperature, i.e. after initial martensite formation. Such treatments result in specific complex microstructures consisting of bainite, martensite and retained austenite, depending on the holding temperature and time. However, the nature of the isothermal transformations below M_S is not completely understood and issues like isothermal formation of martensite and bainite formation are still under discussion. The purpose of this study is to investigate the phase transformations from austenite, subsequent to initial martensite formation, during isothermal treatments at different temperatures of HSLA steel. The microstructure development was monitored by means of dilatometry and microstructural characterization of the transformation products by Optical Microscopy, Scanning Electron Microscope, Electron Backscatter Diffraction and X-ray diffraction. The phase transformations and complex competition and interactions between the different transformation mechanisms are discussed.