Severe plastic deformation techniques are known to produce grain sizes up to submicron level. This leads to conventional Hall-Petch strengthening of the as-processed materials. In addition, the microstructures of severe plastic deformation processed materials are characterized by relatively lower dislocation density compared to the conventionally processed materials subjected to the same amount of strain. These two aspects taken together lead to many important attributes. Some examples are ultra-high yield and fracture strengths, superplastic formability at lower temperatures and higher strain rates, superior wear resistance, improved high cycle fatigue life. Since these processes are associated with large amount of strain, depending on the strain path, characteristic crystallographic textures develop. In the present paper, a detailed account of underlying mechanisms during SPD has been discussed and processing-microstructure-texture-property relationship has been presented with reference to a few varieties of steels that have been investigated till date.