The multistage deformation and stress relaxation were carried out to investigate the strain induced precipitation by torsion tests in the range of 1000~80$0^{circ}C$, 0.05~5/sec for V-microalloyed steel. The starting temperature and time for the initiation of precipitation were determined by stress relaxation tests. The distribution of precipitates increased, as the strain rate increased and the mean size of precipitates was found to be about 10~30nm. The precipitation starting time$(P_s)$ decreased with increasing strain rate and the amount of pre-strain. The effect of deformation conditions on the no-recrystallization temperature$(T_nr)$ was also determined in the multistage deformation. $T_nr$ Tnr decreased with increasing the strain and strain rate. In the controlled rolling simulation, grain refinement and precipitation hardening effects could be achieved by the alternative large pass strain at the latter half pass stage under the condition of low temperature and high strain rate.