The effect of accelerated Ar+ ion beams with an energy of 10 keV on the microstructure and phase composition in 1469 alloy (Al-Cu-Li-Ag-Mg-Zr-Sc) initially subjected to severe plastic deformation (SPD) has been investigated by transmission electron microscopy. Irradiation has been found to result in the formation of a predominantly recrystallized nanocrystalline or fully recrystallized submicrocrystalline structure in the alloy, depending on the ion fluence. The irradiation liquidates the banded structure found in the alloy after SPD. Therefore, the structural elements (nanofragments, nanograins, submicrocrystals) are distributed uniformly in the volume of the irradiated sample. In addition, irradiation increases the volume fraction and the size bimodality of heterogeneously-generated T2-phase particles. The mechanism of nucleation and growth of excess phases has been proposed. The structure changes at a higher rate than it does during a long low-temperature annealing process, and structural changes are observed at a distance of ∼200 μm from the surface, which considerably exceeds the projected ion range (∼ 10 nm).