For requirements of space large-scale annular structures, a multi-link annular deployable structure based on multi-step releasing design was proposed. The multi-link annular deployable structure is composed of a number of rods and elastic hinges which are connected alternately. The reliable deployment of the multi-link annular deployable structure is realized by orderly deploying and multi-step release of rods. The first and last rods are connected to the storage device, the multi-link deployable structure system is a typical closed loop structure. The folding and deploying of the deployable structure are performed by the elastic hinge. In the deploying progress, these elastic hinges are the driving system. At the deployment state, the elastic hinges are structural members of the annular deployable structure. An orderly folding method of the multi-link annular deployable structure was proposed and a multi-link annular deployable structure prototype with diameter of 3700 mm was developed. A flexible compression device was introduced to the deployable structure as the compression and release mechanism. The prototype’s gravity unloading device was also developed to verify the feasibility of the deployable structure with multi-step release. Deployment tests and measurements were performed, the results show that the proposed multi-link annular deployable structure has excellent deploying performance.