In the present study, experimental and thermodynamic analysis of phase transformation in hypoeutectic Fe–24Cr–11Ni–4Mo–0.64C alloy is presented. The investigated alloy was synthesized in an arc furnace in high-purity argon atmosphere using suction-casting unit. Chemical composition of the alloy was determined using an optical emission spectrometer. The microstructure was characterized by scanning electron microscopy. Phase composition in as-cast state was analysed by X-ray diffraction and compared with thermodynamic calculations for equilibrium state using Thermo-Calc software. The analysis of phase transformations was conducted by dilatometry and differential scanning calorimetry investigations. It was found that phase composition of the alloy after non-equilibrium solidification (cooling rate ~30 °C s−1) differs significantly from equilibrium state. Critical temperatures of phase transformations in the alloy were determined.