The aim of the performed experiments was to determine the influence of deformation and of austenitization temperature on the kinetics of phase transformations during cooling of high-carbon steel (0.728 wt. % C). The CCT and DCCT diagrams for austenitization temperature 940°C and DCCT diagram for austenitization temperature 1000°C were constructed with the use of dilatometric tests. On the basis of obtained results, a featureless effect of austenitization temperature and deformation on the kinetics of phase transformations during cooling of investigated steel was observed. Critical cooling rates for the transformation of martensite in microstructure fluctuated from 5 to 7°C · s–1 (depending on the parameters of austenitization and deformation), but only at cooling rates higher than 8°C · s–1 a dominant share of martensite was observed in the investigated steel, which resulted in the significant increase of hardness.