Austenitic Cr–Ni stainless-type 301LN steel was subjected to a double-reversion annealing (DRA) treatment to develop bulk grain-refined microstructures. The tensile properties and formability of the DRA structures were determined by high-speed tensile and Erichsen cupping tests at a strain rate of 1.5 s−1 (50 mm s−1) and compared with those of coarse-grained steel. Detailed microstructural features of the DRA structures were characterized using the electron backscatter diffraction technique and X-ray diffraction analysis. The DRA structures achieved by annealing for 1 second at 800 °C and 900 °C exhibited a superior combination of yield (~ 950 and 770 MPa, respectively) and tensile (~ 1050 and 950 MPa, respectively) strengths and ductility (~ 35 and 40 pct, respectively, as well as reasonable Erichsen index values under high-speed biaxial strain. Due to adiabatic heating, the DRA structures had higher austenite stability during high-speed stretch forming, i.e., were less prone to strain-induced martensitic transformation. The finite-element method (FEM) was used to conduct coupled field thermomechanical analyses of the high-speed deformation processes for the coarse-grained and DRA structures. Comparison of the FEM analyses with the experimental results revealed a considerable influence (~ 20 pct) of martensitic transformation on the adiabatic temperature rise. The balance of the yield strength and Erichsen index value of the developed nanograined microstructure is comparable to that of coarse-grained commercial steel.