Two different methods, power spinning and annealing (PSA), quenching and power spinning followed by annealing (QPSA), for manufacturing the cylindrical parts with ultrafine-grained (UFG) structure were reviewed, the dislocation density and microstructural evolution during the two different processes of PSA and QPSA were further studied. The results show that the required strains for obtaining the UFG structure by power spinning is only 0.92 when the initial microstructure of the material is in the phase of lath martensite. The dislocation density and storage energy are increased to 10 times that of the blank after quenching and power spinning and decreased to the level of the blank after recrystallization annealing. Microstructures with fine grain size after quenching, storage energy of 1.8 × 10⁵ kJ/m³ obtained after power spinning and second phase particle with nano-scale precipitated during annealing are the necessary formation conditions for manufacturing the cylindrical parts with UFG structure based on small strains. Compared with the original tubular blank, the mechanical properties of the spun parts with UFG structure improves significantly. The tensile strength and hardness of the spun parts manufactured by QPSA method is 815 MPa and 305 HV, respectively, and the elongation is 17.5%.