The optimum conditions for manufacturing ultrafine-grained hot strips in super short interval multi-pass rolling (SSMR) process were discussed. As the first means of evaluation, the changes in austenite grain size and shape during multi-pass rolling were observed using experimental equipment. Deformed austenite grains could be observed with immediate quenching after each rolling pass. As the second means, a new numerical simulation method was used, which could predict the microstructure change of austenite, ferrite nucleation inside austenite grains, and ferrite grain growth. The effects of austenite grain size before finish rolling and also of temperature control between rolling passes on ferrite grain refinement were investigated. It was found that the temperature control between rolling passes is effective for grain refinement, whereas austenite grain refinement before finish rolling is not so effective. Therefore, deformation strain accumulation in austenite is important for ferrite grain refinement in SSMR process.