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The features of discontinuous dynamic recrystallization (DRX) in a highly-alloyed austenitic stainless steel were studied at temperatures of 800 °C to 1100 °C. Hot deformation accompanied by DRX was characterized by an activation energy of 415 kJ/mol. The frequency of the sequential DRX cycles depended on the deformation conditions; and the largest fraction of DRX grains with small grain orientation spread below 1° was observed at a temperature of around 1000 °C and a strain rate of about 10⁻³ s⁻¹. The following power law relationships were obtained for DRX grain size (D_DRX) and dislocation density (<i>ρ</i>) vs. temperature-compensated strain rate (Z) or peak flow stress (σ_P): D_DRX ~ Z^−0.25, <i>ρ</i> ~ Z^0.1, σ_P ~ D_DRX^−0.9, σ_P ~ <i>ρ</i>^1.4. The latter, i.e., σ_P ~ <i>ρ</i>^1.4, was valid in the flow stress range below 300 MPa and changed to σ_P ~ <i>ρ</i>^0.5 on increasing the stress. The obtained dependencies suggest a unique power law function between the dislocation density and the DRX grain size with an exponent of −0.5.