Light metals and alloys based on magnesium, aluminum, and titanium are of significance in daily life and industrial applications due to their low density and superior mechanical and functional properties. The formation of nanostructures and ultrafine grains can further improve the properties of these materials. High-pressure torsion (HPT), as a severe plastic deformation (SPD) method, is one of the most effective processes for nanostructuring these materials. Various modifications of HPT such as conventional HPT with discs, HPT with rings, and continuous HPT with strips and wires are currently applied to light metals and their alloys, composites, intermetallics, and metallic glasses. The HPT processing of these materials is effective for grain refinement, hardening through the Hall-Petch mechanism, lattice defect generation, phase transformations, and solid-state reactions through fast diffusion with reasonable time/thermal stability. This article after discussing these fundamental issues, reviews some mechanical and functional properties of nanostructured lightweight materials such as tensile, compression, and bending properties, superplasticity including room-temperature superplasticity, wear resistance, electrical conductivity, superconductivity, biocompatibility, hydrogen production, and hydrogen storage.