<p class="AMSmaintext"><span lang="EN-GB">Severe plastic deformation (SPD) can induce various phase transformations. After a certain strain, the dynamic equilibrium establishes between defects production by an external force and their relaxation (annihilation). The grain size, hardness, phase composition etc. in this steady-state does not depend on the initial state of a material and is, therefore, equifinal. In this review we discuss the competition between precipitation and dissolution of precipitates, amorphization and (nano)crystallization, SPD-induced accelerated mass-transfer, allotropic and martensitic transitions and formation of grain boundary phases.</span></p>