SUS 304 austenitic stainless steel was processed by HPT at room temperature with different rotation speed. It was found that the microstructure evolution and composed phases along the progress of HPT were sensitive to the strain rate (rotation speed). During deforming with the low strain rate, the deformation-induced dynamic phase transformation (DPT) from austenite (γ) to martensite (α’) occurred and the microstructure is characterized by elongated submicron α’ grains after 10 revolutions. While the euqiaxed nanocrystalline α’ grains were produced after HPT at the continuously alternative low and high strain rate. XRD analyses showed that multiple DPT of γ→α’→γ→α’ took place during HPT at the continuously alternative low and high rotation speed. Based on the experimental results, it was proposed that the euqiaxed ultrafine grained structure were produced by multiple DPT under the high strain and strain gradient.