The design of base chemistry and optimization of rolling schedule are the two important factors that influence large strain accumulation in multi-pass rolling in order to obtain ultra-fine grain size by dynamic recrystallization. A base chemistry of 0.03C-0.003N-0.08Nb-0.015Ti-1.8Mn (all in weight %) of HTP steel design was chosen in order to control the time evolution of strain induced precipitation of NbC and the strain accumulation through precipitate interaction with recovery and recrystallization at short inter-pass times characteristic of strip rolling. Experimental data on the critical strain for static and dynamic recrystallisation for HTP steel are used in a quantitative model to predict strain accumulation pass by pass and to achieve grain refinement by dynamic recrystallisation through large strain accumulation. The model is used to optimize the time-temperature-deformation schedule to prevent static recrystallization during the inter-pass times and to target ultra-fine grain size through dynamic recrystallization by large strain accumulation. The model predictions are validated by simulation of strip rolling of HTP steel on the thermo-mechanical simulator (WUMSI) to obtain a uniform ultra-fine ferrite grain size of about 1.5 micrometer diameter in final ferrite microstructure.