Since the mid-1990’s the fabrication of bulk nanostructured metals and alloys using severe plastic deformation (SPD) has been evolving as a rapidly advancing direction of modern nano-materials science that is aimed at developing materials with new mechanical and functional properties for advanced applications. This paper highlights and considers two new trends in SPD processing, which are recently being developed for fabrication of bulk nanostructured materials (BNM). One of these recent developments is associated with nanostructuring of metals and alloys by SPD processing for advanced properties. The new strategies and approaches to produce nanometals with enhanced and often unique properties are discussed. Another new direction is the progress in the processing of BNM not only at laboratory scale but also at the level semi-products (sheets, wires, rods, etc.) suitable for production implementation. The paper considers these developments together with the examples performed at our laboratory in Ufa (Russia), which lay a firm foundation for the BNM use in advanced structural and functional applications.