Recent efforts have focused on the development of novel manufacturing processes capable of producing microstructures dominated by sub-micron grains. For structural applications, grain refinement has been shown to enhance mechanical properties such as strength, fatigue resistance, and fracture toughness. Through control of the thermo-mechanical processing parameters, dynamic recrystallization mechanisms were used to produce microstructures consisting of sub-micron grains in 9310 steel. Starting with initial bainitic grain sizes of 40 to 50 μm, various levels of grain refinement were observed following hot deformation of 9310 steel samples at temperatures and strain rates ranging from 755 K to 922 K (482 °C and 649 °C) and 1 to 0.001/s, respectively. The resulting deformation microstructures were characterized using scanning electron microscopy and electron backscatter diffraction techniques to quantify the extent of carbide coarsening and grain refinement occurring during deformation. Microstructural models based on the Zener–Holloman parameter were developed and modified to include the effect of the ferrite/carbide interactions within the system. These models were shown to effectively correlate microstructural attributes to the thermal mechanical processing parameters.