Let k be the algebraic closure of a finite field of odd characteristic p, and X a smooth projective scheme over the Witt ring W (k) which is geometrically connected in characteristic zero. We introduce the notion of Higgs-de Rham flow1 and prove that the category of periodic Higgs-de Rham flows over X/W(k) is equivalent to the category of Fontaine modules, hence further equivalent to the category of crystalline representations of the e ́tale fundamental group π_1(X_K ) of the generic fiber of X, after Fontaine-Laffaille and Faltings, where K is the fraction field of W(k). Moreover, we prove that every semistable Higgs bundle over the special fiber X_k of X of rank ≤ p initiates a semistable Higgs–de Rham flow and thus those of rank ≤ p − 1 with trivial Chern classes induce k-representations of π_1(X_K ). A fundamental construction in this paper is the inverse Cartier transform over a truncated Witt ring. In characteristic p, it was constructed by Ogus–Vologodsky in the nonabelian Hodge theory in positive characteristic; in the affine local case, our construction is related to the local Ogus–Vologodsky correspondence of Shiho.