The grain size, recrystallization, phase transformation and mechanical properties of a cold-rolled high-strength steel (HSS) are studied after annealing with high (~140°C/s) and ultra-high (~1500°C/s) reheating rate, followed by subsequent water quenching without isothermal soaking. By monitoring the hardness and microstructure, it was shown that the increase of the reheating rate from 140°C/s to 1500°C/s causes grain refinement from 5 µm to 1 µm in diameter and the final ferrite grain size depends significantly on the reheating temperature and reheating rate. It was observed that after an extreme reheating rate of ~1500°C/s the α-γ phase transformation starts before the completion of recrystallization in the recovered matrix. The crystallographic texture of the ultrafast reheated and water-quenched high-strength steel inherits the cold-rolled deformation texture with well pronounced RD and ND texture fibres, even after the α-γ-α′ phase transformations. It was found that the ultrafast reheating results in a very fine non-equilibrium ferrite-martensite structure with an excellent ultimate tensile strength of ~1400 MPa and an acceptable elongation at fracture. The observed data are very promising from industrial application point of view and open up possibilities for further structural refinement and alternative texture control.