The effect of composition and processing schedule on the microstructure of C-Mn-Si-Mo-(Al)-(Nb) steels containing nano-bainite was studied using transmission electron microscopy (TEM) and atom probe tomography (APT). The major phase formed in all steels was nano-bainite. However, the steels with lower carbon and alloying addition content subjected to TMP had better mechanical properties than high alloyed steel after isothermal treatment. The presence of ferrite in the microstructure can improve not only ductility but lead to the formation of retained austenite with optimum chemical stability.