With the ultimate target of improving the deep drawability of a dual-stabilized 21%Cr ferritic stainless steel, the evolution of the flow stress, microstructure, texture, dislocation structures and precipitation during multi-pass hot deformation were studied. Plane strain compression in three passes with 0.4 -0.5 pass strains and 20 s inter-pass times was employed together with scanning electron microscopy combined with electron backscatter diffraction (SEM-EBSD) and transmission electron microscopy (TEM). The temperature of the final pass was varied between 1 223 K and 923 K and the final cooling took place either by water quenching to room temperature or water cooling to 923 K followed by cooling at 0.33 K/s to room temperature. At 1 223 K, static recrystallization was almost complete during the 20 s inter-pass times and this randomized the texture. When the deformation temperature was lowered to 1 073 K or 923 K, in-grain shear bands were formed in the grains belonging to the γ fibre. The deformation temperature of the third pass had only a minor effect on the deformation texture intensity maxima. The final dislocation structure was not changed by the cooling rate from 923 K, but slow cooling enabled precipitation to occur. The results indicate that although the deformation conditions affect the deformed microstructures and dislocation structures, the effect of the deformation temperature on the texture was insignificant.