The present work deals with the evolution of mechanical properties and structure of low-carbon Fe-1,12Mn-0,08V-0,07Ti-0,1C (wt.%) steel after severe plastic deformation (SPD) and high-temperature annealing. Steel in initial ferritic-pearlitic state was deformed by equal channel angular pressing (ECAP) at T=200°C and high pressure torsion (HPT) at room temperature. The evolution of ultrafine grained structure and its thermal stability were investigated after annealing at 400-700°C for 1 hour. The results shown that SPD leads to formation of structure with an average size of (sub-) grain of 260 nm after ECAP and 90 nm after HPT. Ultrafine grained structures produced by SPD reveal a high thermal stability up to 500°C after ECAP and 400°C after HPT. At higher annealing temperatures a growth of structural elements and a decrease in microhardness were observed.