The method of interpretation of cooling dilatograms of undercooled austenite during its transformation into upper and lower bainite (UB and LB) and into martensite (M), applied in the Laboratory of Phase Transformations of AGH University of Science and Technology in Krakow, is presented in the hereby paper. The relation of the mechanism of the mentioned above transformations to places on the dilatometric curve where transformations start and where they are continued was indicated. An appeal for the unified, correct interpretation of dilatograms of phase transformations, in all laboratories of the world, was formulated. This will allow the formation of equally accurate diagrams of the kinetics of phase transformation of undercooled austenite at its continuous cooling (CCT). In consequence, this could provide a development of more advanced heat treatment technologies. Such approach will also allow for the correct assessment of the influence of the alloying elements on the stability of austenite and phase transformation temperatures at its cooling.