Heavy plastic shear deformation at relatively low homologous temperatures is called high-pressure torsion (HPT) deformation, which is one method of severe plastic deformation (SPD). The aim of the paper is to give an overview of a new processing approach which permits the generation of innovative metastable materials and novel nanocomposites by HPT deformation. Starting materials can be either coarse-grained multi-phase alloys, a mixture of different elemental powders or any other combination of multiphase solid starting materials. After HPT processing, the achievable microstructures are similar to the ones generated by mechanical alloying. Nevertheless, one advantage of the HPT process is that bulk samples of the different types of metastable materials and nanocomposites are obtained directly during HPT deformation. It will be shown that different material combinations can be selected and materials with tailored properties, or in other words, materials designed for specific applications and the thus required properties, can be synthesized. Areas of application for these new materials range from hydrogen storage to materials resistant to harsh radiation environments.