A Fe-34.5 wt % Mn-0.04 wt % C ultra-high Mn steel with a fully recrystallised fine-grained structure was produced by cold rolling and subsequent annealing. The steel exhibited excellent cryogenic temperature properties with enhanced work hardening rate, high tensile strength, and high uniform elongation. In order to capture the unique mechanical behaviour, a constitutive model within finite strain plasticity framework based on Hill-type yield function was established with standard Armstrong-Frederick type isotropic hardening. In particular, the evolution of isotropic hardening was determined by the content of martensite; thus, a relationship between model parameters and martensite content is built explicitly.