A coupled phase-field and finite element method is originally proposed to investigate the cementite dissolution behavior in pearlitic steels subjected to cyclic deformation. The stress distribution and plastic strain accumulation are calculated by a rolling-sliding contact finite element model assisted with a plastic strain accumulation model. With the input parameters from the finite element model, an elasto-plastic phase-field model is then employed to simulate the real-time evolution of cementite volume fraction, microstructure morphology and carbon distribution for different rolling cycles and contact depths. Upon experimental validations, the proposed model predicts more accurate and realistic results than Sauvage’s model. A threestage dissolution kinetics is also revealed, which well explains an experimentally observed microstructure gradient along the depth direction. The proposed elasto-plastic phase-field model can be potentially extended to simulate cementite dissolution under various manufacturing or serving conditions, and even any stress-driven microstructure evolution containing cementite dissolution.