The high-temperature thermal stability of the ultrafine-grained (UFG) microstructures in low stacking fault energy silver was studied by differential scanning calorimetry (DSC). The UFG microstructures were achieved by equal-channel angular pressing (ECAP) and high-pressure torsion (HPT) at room temperature (RT). The defect structure in the as-processed samples was examined by electron microscopy and X-ray line profile analysis. The stored energy calculated from the defect densities was compared to the heat released during DSC. The sum of the energies stored in grain boundaries and dislocations in the ECAP-processed samples agreed with the heat released experimentally within the experimental error. The tem-perature of the DSC peak maximum decreased while the released heat increased with increasing numbers of ECAP passes. The released heat for the specimen processed by one revolution of HPT was much smaller than after 4–8 passes of ECAP despite the 2 times larger dislocation density measured by X-ray line profile analysis. This dichotomy was caused by the heterogeneous sandwich-like microstructure of the HPT-processed disk: about 175 lm wide surface layers on both sides of the disk exhibited a UFG microstructure while the internal part was recrystal-lized, thereby yielding a relatively small released heat.