In the present study, we have discussed the selected problems of microstructure development during the whole manufacturing process, i.e. continuous casting, thermomechanical processing, and cold metal forming of the microalloyed steels wires. In the investigated steels, the microstructure development was controlled by the history of deformation and by the effects of microalloying elements, mostly Nb, Ti, and B. It has been concluded that obtained in the ultrafine grained microalloyed steel wires mechanical properties were first of all resulting from specific structural composition and grain refinement. Additionally, it has been proven that austenite grain refinement, that increases nucleation rate during the austenite-to-ferrite phase transformation, as a result of the thermomechanical processing, are very beneficial from point of view of the final mechanical properties. This problem starts to be very important when the microalloyed steel products are subjected to severe plastic deformation, as it has been shown discussed in the present work for combined processes of wire drawing and wire flattening.