The dynamic recrystallization (DRX) behavior of Nb and Nb–Ti microalloyed steels has been investigated. It has been observed that the initial austenite grain size, the amount of microalloying elements in solid solution, and the deformation conditions (temperature and strain rate), affect dynamic recrystallization kinetics. To characterize the dynamic recrystallization behavior of the microalloyed austenite, continuous torsion tests were carried out after reheating the specimens at different temperatures between 1000 and 1420 °C, leading to a wide range of initial grain sizes, from 16 to 805 μm. It has been observed that decreasing the values of the Zener–Hollomon parameter and the initial grain size, promotes dynamic recrystallization. Microalloying elements in solid solution produce a retardation of dynamic recrystallization, resulting in higher values of the characteristic critical, ε c, and peak, ε p, strains. A corrective factor has been applied to quantify the retardation produced by the increase in the amount of Nb and Ti dissolved as the reheating temperature increases. In this manner, it has been possible to propose a unique relationship to predict the ε p peak strain for both steels.