Grade 91 (9Cr-1Mo) steel was subjected to various heat treatments and then to high-pressure torsion (HPT) at different temperatures. Its microstructure was studied using transmission electron microscopy (TEM) and X-ray diffraction (XRD). Effects of the tempering temperature and the HPT temperature on the microstructural features and microhardness in the ultrafine-grained (UFG) Grade 91 steel were researched. The study of the UFG structure formation takes into account two different microstructures observed: before HPT in both samples containing martensite and in fully ferritic samples.