In this study, recrystallization behaviors in the two-phase (α+γ) region of micro-alloyed steels such as Base, Nb, TiNbV and CAlN were investigated in terms of flow stress, microstructure and associated grain boundary characteristics. The flow stress of all specimens reached peak stress and gradually decreased, which means that recrystallization or recovery of proeutectoid deformed ferrite and recovery or transformation to ferrite of deformed austenite occurred by thermal activation. The precipitation of carbide or nitride via the addition of micro-alloying elements, because it reduced prior austenite grain size upon austenitization, promoted transformation of austenite to ferrite and increased flow stress. The strain-induced precipitation under deformation in the two-phase region, on the other hand, increased the flow stress when the micro-alloying elements were dissolved during austenitization. The recrystallization of the Nb specimen was more effectively retarded than that of the TiNbV specimen during deformation in the two-phase region.