A ductile iron containing 0.6% copper as the main alloying element was austempered at a fixed austempering temperature of 330 °C for a fixed austempering time of 60 min after austenitization at 850 °C for different austenitization periods of 60, 90, and 120 min. The austempering process was repeated after changing austenitization temperature to 900 °C. The effect of austenitization temperature and time was studied on the carbon content and its distribution in the austenite after austenitization. The effect of austenitization parameters was also studied on austempered microstructure, structural parameters like volume fraction of austenite, Xγ, carbon content Cγ, and XγCγ, and bainitic ferrite needle size, dα after austempering. The average carbon content of austenite increases linearly with austenitization time and reaches a saturation level. Higher austenitization temperature results in higher carbon content of austenite. As regards the austempered structure, the lowering austenitization temperature causes significant refinement and more uniform distribution of austempered structure, and a decrease in the volume fraction of retained austenite.