The microstructure and mechanical properties of AZ31 alloy rods are investigated after rotary swaging in five successive steps. The microstructure is analyzed using light microscopy and electron backscattered diffraction. Swaged samples exhibit refined microstructure. Tensile and compression tests are conducted at room temperature. The yield stress and the ultimate stress are determined. Acoustic emission is measured in situ during straining. Deformation mechanisms are closely linked to twinning and dislocation slip in non‐basal planes.