The conventional split Hopkinson torsional bar (SHTB) system consists of two bars, which can successfully produce the data for the construction of dynamic torsional shear stress and strain relationships. However, the system cannot provide reliable information on the progression of the deformed micro-structure during the test. The reverberation of waves in the bars and the tested specimen can spoil the microstructural pattern formed during the effective loading. This paper briefly reviews a modified version of the SHTB system consisting of four bars that has been developed. This modified system can eliminate the reverberation of waves in the specimen and provide only a single rectangular torsional stress pulse, thus it can properly freeze the microstructure formed during the effective period of loading in the specimen. By using the advantage of the modified SHTB system, together with a new design of specimen, it is possible to perform a correlated study of the dynamic stress-strain response, shear localization and the evolution of the microstructure at a fixed view-field (position) on a given specimen during the sequence of the loading time. The principles, experimental set-up and procedure, calibration and some preliminary results of the correlated study are reported in this paper.