The addition of alloying elements even in small concentrations can alter the properties and structure of ferrite and bainite. The various morphologies of ferrite-carbide aggregates are surveyed including alloy pearlite, fibrous carbide eutectoids and precipitation of fine alloy carbides atγ-α interfaces. Modern ideas on the morphology and growth kinetics of ferrite and upper and lower bainite are also summarized. Using this information, an attempt is made to rationalize subcritical transformations of austenite in low alloy steels. Basic factors influencing the strength of alloy ferrites are discussed, leading to an examination of structure-mechanical property relationships in ferrite and bainite. Finally the exploitation of the ferrite and bainite reactions to produce useful alloy steels by direct transformation of austenite is explored.