This work was aimed to use the peak separation method to directly measure the critical temperatures and phase transition fractions of austenite decomposition products based on experimental dilatometric curves in hypo-eutectoid steels. The results indicated that pearlite transformation start temperature and ferrite transformation finish temperature could be clearly obtained through peak separation processing, which were generally hidden in the overlapped peaks of the linear thermal expansion coefficient curve. Moreover, four critical temperatures of austenite decomposition were retarded to lower temperature with cooling rate increasing. The phase transition fraction for austenite decomposition was quantitated by measuring the area of the corresponding phase transformation peak. The final ferrite phase fraction after austenite decomposition decreased with cooling rate increasing. On the contrary, the final pearlite phase fraction increased with cooling rate increasing. Compared with the lever rule, the calculation result using peak area method can accurately reflect the actual phase fraction change versus the temperature during austenite decomposition.