This paper describes a new modification of equal-channel angular extrusion for the “pass-by-pass” semi-continuous (sc-ECAE) processing of lightweight alloys. Sc-ECAE leads to a multifold increase in productivity and decrease in costs, providing a technical basis for the commercialization of severe plastic deformation (SPD) on a large scale with massive volume production. The evolution of the structure and properties are analyzed for an aluminum alloy (AA) 5083 and a magnesium alloy AZ31 as model materials representing, respectively, the structural refinement under severe plastic deformation (SPD) via strain-induced formation of new grain boundaries and via dynamic recrystallization. For the first alloy, the microstructure after sc-ECAE is formed via ultrafine sub-grains, which are further transformed into sub-micrometer grains during post-ECAE rolling. The preliminary solution treatment of AA5083 is an important stabilizing factor for the achievement of high mechanical properties. For the second alloy, optimized sc-ECAE results in a remarkable structural refinement, and a good balance of properties is obtained with a low number of passes. However, additional rolling in the latter case leads to a degradation of the structure and properties.