This lecture covers the martensitic transformation in steel alloys, focusing on the formation of martensite, its structure, and properties. It explains the Fe-C diagram, the solubility limits of carbon in different phases, and the effect of cooling rates on the transformation. The instructor discusses the appearance of martensite, its acicular structure, and high hardness but brittleness. Various cooling methods and tempering treatments are explored, along with the Jominy test for hardenability assessment. The lecture also delves into the applications of martensitic steels in mechanical parts and the importance of tempering for adjusting hardness and ductility.