The effects of Nickle (Ni) addition on bainitic transformation and property of ultrahigh strength bainitic steels are investigated by three austempering processes. The results indicate that Ni addition hinders the isothermal bainite transformation kinetics, and decreases the volume fraction of bainite due to the decrease of chemical driving force for nucleation and growth of bainite transformation. Moreover, the product of tensile strength and total elongation (PSE) of high carbon bainitic steels decreases with Ni addition at higher austempering temperatures (220 and 250 °C), while it shows no significant difference at lower austempering temperature (200 °C). For the same steel (Ni-free or Ni-added steel), the amounts of bainite and RA firstly increase and then decrease with the increase of the austempering temperature, resulting in the highest PSE in the sample austempered at temperature of 220 °C. In addition, the effects of austempering time on bainite amount and property of high carbon bainitic steels are also analyzed. It indicates that in a given transformation time range of 30 h, more volume of bainite and better mechanical property in high carbon bainitic steels can be obtained by increasing the isothermal transformation time.