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The present work explores the magneto-inductive method to evaluate different levels of retained austenite content in carburized 20NiCrMo7 bearing steel while comparing the corresponding measurements by X-ray diffractometry and image analysis by optical microscope. The content of retained austenite in carburized 20NiCrMo7 steel was modified with additional tempering to yield three samples with distinct ranges of retained austenite profiles in the carburized region of the steel. The retained austenite measured at different depths in these samples using the magneto-inductive method had an outcome comparable to other methods. Further discussion based on data suggests that the magneto–induction method yields precise (with an average deviation of 0.5%) results with sufficient sensitivity at different levels (including below 5 vol. %.) of retained austenite.