The transformation behavior of a 40Cr2Ni2MoV cast steel manufactured by electroslag remelting (ESR) has been investigated. Compared to a forged steel, the incubation periods for both the pearlite and bainite transformations are shorter, but the transformation times are longer. The austenite is easier to transform into martensite. Optical microscopy and TEM indicated that there were variations in microstructure during the super-cooled austenite transformation. This is attributed to an inhomogeneous austenite, resulting from the segregation of elements during the ESR solidification.