Developments of composites materials had begun in the 1970's. They aimed in improving mechanical properties due to the presence of reinforcement particles. The addition of particles in a matrix led to different modifications: considering the nature of the phases and the microstructure, we can mention interface reactivity between matrix and particles, changes in the chemical composition of the matrix and modified kinetics of microstructure evolution in the matrix (as compared to the matrix without particles); considering the mechanical aspects, thermal stresses may be generated due to the differences in expansion coefficients between the particles and the matrix, or any changes in the matrix leading to a phase transformation. In the present work, we studied the evolution of the phases and the behavior of a steel based MMC during thermal treatments, for which a phase transformation occurred on cooling. Experiments and numerical simulation are considered.