The deformation of multiphase metallic alloys or metal matrix composites by forming processes such as rolling or drawing requires the co‐deformation of phases. Severe plastic deformation processes have extended possibilities with the ability to produce unique nanoscaled structures through the formation of strain‐induced super‐saturated solid solutions, the fragmentation of second‐phase particles, or ultimate co‐deformation down to the nanoscale. Based on various examples, the fundamental mechanisms of co‐deformation are addressed. Parameters that promote the extension of existing heterophase boundaries are discussed, and some possible atomic‐scale mechanisms involving dislocation activities based on geometrical and energetic considerations are proposed. Finally, the physical limits of co‐deformation are considered before suggesting research directions that might be followed to develop fundamental knowledge and applications in the field.