In this paper, the microstructures of undercooled Ni that solidified at various initial bulk undercoolings are examined in detail in order to understand the mechanism of grain refinement in metallic systems. Molten Ni contracts on solidification. In the experiment, since it was covered by molten glass flux, upon crystallization cavities had to form to accommodate the rapid volume change if the undercooled specimen remained in contact with the glass flux, which could not flow so readily. The adhesiveness between Ni and glass flux was confirmed by removing them from a furnace after the whole system had been cooled down to room temperature. Furthermore, it was clear from the micrographs that after a cavity had formed, it did not collapse. It can therefore be concluded that smaller grains are found to concentrate near the void along the minor axis. At still higher undercoolings, the effect was so violent that the voids took irregular shapes. Again, the grains near the cavity are somewhat smaller than those further away. Accordingly, the authors conclude that grain refinement in undercooled Ni was brought about by dynamic nucleation as the cavities formed.