Effects of microstructure on the high strain rate high temperature mechanical response and dynamic strain aging of C45 and 27MnCr5 ferritic-pearlitic steels were studied using four different microstructural variants of the standard alloys. The high strain rate high temperature behavior of the steels was studied using a compression Split Hopkinson Pressure Bar device with high temperature testing capabilities. The steels were studied at strain rates up to 4500 s−1 and at temperatures from RT to 680 °C. Strong dynamic strain aging was observed for both steels in the studied temperature range. The results also show that the microstructure has a strong effect on the dynamic strain aging sensitivity of the steel. This is especially true at low plastic strains, where the effect of the microstructure is strongest. The effect of microstructure decreases as plastic strain increases. A coarse-grained microstructure showed the strongest dynamic strain aging sensitivity for both steels.