≥Heavy deformation of metastable austenite (below Ae3) or both austenite and ferrite in the two-phase region (between Ar3 and Ar1) is known to develop an ultrafine ferrite grain structure with an average grain size of less than 3 μm. Different dynamic softening mechanisms, such as dynamic recovery, dynamic recrystallization, and dynamic strain-induced austenitefiferrite transformation (DSIT), are responsible for such grain refinement. However, the sequence of those metallurgical events and the temperature range over which any particular mechanism dominates is not yet well understood. The current study throws some light on this aspect by applying heavy, single-pass compressive deformation (with true strain of 1.0) on the microalloyed steel samples over a temperature range of 1173 K to 873 K (900oC to 600oC) using a Gleeble simulator (Dynamic Systems Inc., Poestenkill, NY) and water quenching the samples immediately after deformation. The current study showed the dominating effect of the following mechanisms with respect to the deformation temperature: (1) DSIT followed by conventional dynamic recrystallization (Conv-DRX) of ferrite at higher deformation temperatures (1073 K [800oC]), (2) extended recovery and continuous dynamic recrystallization (Cont- DRX) of ferrite at intermediate deformation temperatures (~1023 K [750oC]), and (3) simple dynamic recovery of ferrite at lower deformation temperatures (≤923 K [650oC]).