An external electric or magnetic field can transfer high-intensity energy directly to the electronic scale of materials, and change the spin, energy level arrangement and trajectory of electrons. These changes produce tremendous and profound impacts on the microstructure and mechanical properties of metal materials, which may be impossible with traditional technologies. This paper reviews the effects of electric or magnetic field on the microstructures of solid metals including phase transformation, precipitation, recrystallization, dislocations and so on. Based on the existing research results, the mechanisms of these effects have been discussed. Additionally, some typical applications of electric and magnetic treatments on solid metals have been described and the challenges in this field have also been discussed.