Ultra ne-grained materials often possess superior mechanical properties owing to their small grain size. The high-pressure torsion (HPT) process is a severe plastic deformation method used to induce ultra-large strain and produce ultra ne grains. In this study, the grain re nement mechanisms in the Co-28Cr-6Mo (CCM) alloy, evolution of dislocation density as a result of HPT and its effects on mechanical properties were investigated. The dislocation density and subgrain diameter were also calculated by X-ray line pro le analysis. The microstructure of the CCM alloy subjected to HPT processing (CCM HPT ) was evaluated as a function of torsional rotation number, N and equivalent strain, ε eq . Strain-induced γ→ε transformation in neighboring ultra ne grains is observed in CCM HPT processed at ε eq = 2.25 and ε eq = 4.5. Low-angle crystal rotation around the [110] fcc direction occurs in different locations in the same elongated grain neighboring ultra ne grains, which suggests the formation of low-angle grain boundaries in CCM HPT processed at ε eq = 2.25 and ε eq = 4.5. Two possible grain re nement mechanisms are proposed. The maximum dislocation densities, which are 2.8 × 10 16 m −2 in γ phase and 3.8 × 10 16 m −2 in ε phase, and maximum subgrain diameters, which are 21.2 nm in γ phase and 36 nm in ε phase, are achieved in CCM HPT processed at ε eq = 9. HPT processing causes a substantial increase in the tensile strength and hardness owing to the grain re nement and a signi cant increase in the volume fraction of ε phase and dislocation density.