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Misc. update: I have added a set of supporting micrographs to the introduction to Austenitizing steel.
Tempered Martensite
To begin describing what bainite is it makes sense to start with martensite first. To form martensite we heat up the steel to high temperature to transform to a phase called austenite where we dissolve carbon in between the iron atoms (see Austenitizing Part 1), then quench the steel to lock in the carbon and form a hard phase called martensite (see What Makes Quenched Steel so Hard?). Following that we temper the martensite to allow some of the carbon out and increase the ductility of the martensite; the carbon comes out as very small carbides, a compound of iron and carbon (see What Happens During Tempering?). In the article on martensite formation I shared the following YouTube video to see the formation of the martensite laths:
