Deep undercooling rapid solidification experiments of Cu–Ni–Co alloys were carried out using the molten glass purification cycle superheat method. 130 K, 177 K and 277 K undercooling degrees were obtained and analysed for Cu55Ni43Co2 alloy. The crystallographic information obtained by EBSD and the dynamics of the solidification front taken by high speed photography were analysed and it was concluded that both the formation of relatively rounded equiaxed grains during the first refinement and the subsequent formation of finer subcrystals were due to the release of a large amount of solidification energy during the solidification process. The re-glow stage releases a large amount of latent heat of solidification resulting in the remelting of the dendrites. TEM tests were carried out on Cu55Ni43Co2 alloy with a maximum undercooling of 277 K. It was found that part of the substructure showed a high density dislocation network. By analysing the effect of increasing undercooling on the microstructure evolution, combined with the EBSD and TEM characterisation data, it was found that the stress-induced recrystallization mechanism was the dominant factor in the grain refinement mechanism at large undercooling.