Despite rosy prospects, the use of nanostructured metals and alloys as advanced structural and functional materials has remained controversial until recently. Only in recent years has a breakthrough been outlined in this area, associated both with development of new routes for the fabrication of bulk nanostructured materials and with investigation of the fundamental mechanisms that lead to the new properties of these materials. Although a deep understanding of these mechanisms is still a topic of basic research, pilot commercial products for medicine and microdevices are coming within reach of the market. This progress article discusses new concepts and principles of using severe plastic deformation (SPD) to fabricate bulk nanostructured metals with advanced properties. Special emphasis is laid on the relationship between microstructural features and properties, as well as the first applications of SPD-produced nanomaterials.