|Abstract The presence of retained austenite gives rise to deterioration of the wear resistance and fracture strength of Cr-Mo steels in many cases. In this research, the effects of different heat treatments including direct quenching, martempering and austempering on the retained austenite present in the microstructure of these steels have been investigated. Samples were austenized at 950 oC followed by direct quenching using compressed and still air. The samples were also isothermally quenched in the salt bath at 200 and 300 oC for 2, 8, 30, and 120 minutes. Microstructures of the specimens were studied using optical microscope (traditional black and white etching as well as color etching), scanning electron microscope (SEM), microhardness tester, and X- ray diffraction (XRD). Results showed that the lowest amount of retained austenite in the microstructure was obtained in the specimens quenched isothermally at 300oC for 120 minutes.