The study was carried out to investigate how the refining of pulps affects the stress-strain characteristics and physical properties of paper. SwBKP and HwBKP were refined with Hollender laboratory beater to obtain three levels of freeness(500, 400 and 300 ml CSF) at the different consistencies(0.5% and 1.0%). The effects of fines were also evaluated. The stresses and strains of papers made from SwBKP and HwBKP were increased with refining. The absolute value of strain in paper made from SwBKP was higher than those of paper made from HwBKP. We also found that the presence of fines increased the stress and strain significantly in both pulp types. The refining at lower pulp consistency gave higher stress and strain properties. Most physical properties of paper were improved with refining, but the effect of refining consistency depended on the characteristics of each physical properties.