A constitutive model was developed to characterize the static recrystallization (SRX) and evolution of the grain size of the industrially relevant press-hardening steel, 22MnB5, subsequent to the hot forming of sheet metal. Isothermal stress relaxation tests were conducted using the BAEHR 805 A/D thermomechanical simulator, encompassing a temperature range of 950 to 1050 °C, prestrain levels ranging from 0.01 to 0.1, and strain rates spanning from 0.01 to 0.8 s−1. The results obtained from the isothermal stress relaxation tests facilitated the formulation of an Avrami equation-based model, which aptly describes the kinetics of SRX in relation to the temperature, prestrain, and strain rate. Notably, an increase in temperature led to accelerated recrystallization kinetics, signifying temperature-dependent behavior. When the temperature increased from 950 to 1050 °C, the recrystallization time was reduced to approximately one-third. Additionally, the prestrain exhibited a positive influence on the acceleration of SRX kinetics. A quintupling of the prestrain from 0.01 to 0.05 resulted in a reduction of the static recrystallization duration to approximately one-fifth. Among the parameters studied, the strain rate had the least impact on the SRX kinetics, as doubling the strain rate from 0.01 to 0.8 only resulted in a halving of the recrystallization duration. Moreover, an analysis of the microstructural evolution in response to the forming parameters was undertaken. While the grain-size investigation post-isothermal stress relaxation tests provided results in line with the SRX kinetics calculations, the observed effects were comparatively subdued. Furthermore, a comprehensive examination was conducted using electron backscatter diffraction (EBSD) analysis, aiming to explore the effects of specific stress relaxation states on the morphology of martensite. The findings reveal fully recrystallized globulitic microstructures, characterized by relatively minor differences among them.