Ultrafine-grained (UFG) alloy Ti49.4M50.6 Possessing both nano- as well as submicrocrystalline structure has been successfully produced using two techniques of severe plastic deformation (SPD) processing: high pressure torsion and equal channel angular pressing. The features of microstructure, martensitic transformation and deformation behavior of the UFG alloy have been studied in details. The effects of grain size on the mechanical and functional properties of the alloy are discussed.